Oct 26th - Nidec To Supply Motors For Daimler's Eco-Friendly Cars

Nidec Corp. has launched production of motors for use in Daimler AG's Mercedes-Benz electric and fuel cell vehicles at a recently acquired U.S. plant.

The move is part of the electric machinery firm's efforts to go beyond its mainstay precision motors and stake out a larger presence in automotive motors.

Nidec absorbed the motors and controls business of U.S.-based Emerson Electric Co. earlier this month, obtaining the facilities that will handle output for Daimler. In addition to motors for Mercedes-Benz A-Class electric vehicles, Nidec will supply motors for Mercedes-Benz B-Class fuel cell cars.

If output volumes increase, Nidec will consider launching production at a plant in Mexico.

Nidec already manufactures several dozen types of motors used in automobiles, including those for power steering and engine cooling. It developed electric vehicle motors last year, paving its way into the field.

Nidec will produce motors for Daimler at a plant in the U.S.

The company has also decided to invest around 10 billion yen to construct a production base in India. It plans to break ground on the facility next year and begin operations there in 2012. In addition to automotive motors, the Indian plant will produce motors for consumer electronics, an area that continues to show growing demand worldwide.

Small precision motors currently account for about 50% of Nidec's overall sales, while automotive motors comprise a mere 5% or so. As demand for automotive motors grows, Nidec aims to lift sales from the segment to 500 billion yen in fiscal 2015, on par with its mainstay hard-disk-drive motors.

Oct 25th - Marubeni to acquire Gulf Of Mexico oil fields from BP For $650mn

BP PLC said Monday it will sell four producing deep-water oil and gas fields in the U.S. Gulf of Mexico to Marubeni Oil and Gas for $650 million.

BP, in a statement, said the asset disposal could be completed by early 2011. Marubeni Oil and Gas is a unit of Japan's Marubeni Corp.

The disposal is part of a wider program BP initiated to shore up its financial position to deal with the fallout of April's Gulf of Mexico oil spill.

BP acquired the interests in the fields--Magnolia, Merganser, Nansen and Zia--from Devon Energy earlier in 2010. BP's net production from these fields is about 15,000 barrels of oil equivalent a day. In its statement, BP said the four fields "did not fit well with the rest of our business in the region."

Marubeni said in a statement it expects to complete the purchases by early next year unless an existing partner of the four wells exercises its pre-emptive right. A Marubeni spokeswoman declined to give details on pre-emptive right situations.

After the acquisition, Marubeni's production interests will total about 50,000 barrels a day of crude oil equivalent, up from about 35,000 barrels a day currently, the spokeswoman said.

Marubeni doesn't plan on buying more BP production stakes for the time being, she said.

BP shares in London traded up three-and-a-half pence at 431.85 pence at 1000 GMT.