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Niterra Exits US Auto Components Business

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Niterra (TYO:5334) has withdrawn the automotive components business of its U.S. subsidiaries, Wells Vehicle Electronics Holdings and Wells Vehicle Electronics LP, according to a Friday release.

The move stemmed from a continued weakening in the segment's performance amid heightened market challenges.

With the withdrawal, Niterra agreed to transfer Wells Vehicles Electronics' repair parts segment to Wells Vehicle Electronics AEM, a subsidiary created by Omega Acquisition specifically for the acquisition.

The parties did not disclose the transfer's price and terms.

Niterra sees a loss of about 15 billion yen in operating expenses from the business transfer and as provisions linked to the withdrawal from its automotive components business.

However, the company expects a decline in corporate income taxes from the tax-deductible

losses from the Wells subsidiaries' liquidation.

The positive tax impact should exceed the operating expenses associated with the withdrawal, leading to an estimated rise of about 3 billion yen in profit for the current fiscal year.

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