Nidec to buy Embraco but not Italy biz (3)

(ANSA) - Milan, April 24 - Japan's Nidec Corporation has reached a 1.08-billion-dollar cash agreement with Whirlpool to purchase its Embraco compressor business. The agreement, equivalent to .88 billion euros, does not include Embraco Europe, which is headquartered in Riva di Chieri near Turin.
    A joint statement by the two groups said Embraco Europe is subject to "a separate agreement with local authorities and labour unions" and for which Whirlpool expects to "cease activity and terminate production" in its Italian factory.
    Italy is seeking buyers for the Riva di Chieri plant whose nearly 500 jobs are being moved to Slovakia.