Minster Machine Sold
MINSTER — A Japanese firm plans to acquire a long-standing Auglaize County manufacturing firm.
In a news release, company officials confirmed The Minster Machine Company is being purchased by Nidec-Shimpo, a division of Nidec Corporation. Nidec, with its headquarters in Kyoto, Japan, is a global technology corporation that had annual gross sales of $9 billion last year.
"We feel the acquisition by Nidec will give Minster a much larger competitive global footprint in the machinery, automation and services marketplace, while maintaining local production and management," Minster Machine CEO John Winch said in the news release. "We feel this transaction will provide a very good long-term strategic platform for growth and expansion."
Officials plan to finalize the sale in early April. Operations will continue at the Minster facility and the current owners, John and David Winch, will remain with the company as will the majority of the management team. Terms of the transaction were not disclosed.