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  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "Contains multiple source citations and a financial performance table for Sole Motors.",
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      "text": "Since the acquisition, Sole’s net revenue has declined 12.9%, and it only recently generated positive OP margin.",
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      "text": "Sole Motors: In January 2010, Nidec acquired Sole Motors, which develops, manufactures, and sells household motors. Its manufacturing plants are in Italy and Hungary. Since the acquisition, Sole’s net revenue has declined 12.9%, and it only recently generated positive OP margin.",
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      "text": "Our former Emerson motors and controls source was involved in evaluating the ASI acquisition for Nidec. He described ASI as being “so far from what the Emerson business did” that he questions Nidec’s rationale for purchasing ASI.",
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      "text": "As I mentioned, I was not physically there. But I was talking daily about the due diligence process. And I remember that everybody was kind of astonished by the way the due diligence was accomplished...",
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      "text": "The product was completely different. This means Nidec coming with approach and mentality of mass production... Ansaldo and ASI, coming from experience of large industrial product, large machine.",
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      "text": "As I mentioned, I was not physically there. But I was talking daily about the due diligence process. And I remember that everybody was kind of astonished by the way the due diligence was accomplished, the time frame, because it is very short compared to the amount of documents. And also, my view – the reason why I’m saying probably didn’t ask the right questions because it pretty – my view was pretty superficial. Basically, once they had some information, the first level information, they (unintelligible) and from a product perspective, in my view, they didn’t really look detail, in detail what was needing, what was the view of the future of the production, that was actually the integration of the solar and wind parts. — ASI Source A transcript",
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