Tamura Corporation, the Tokyo-listed maker of transformers and reactors, is paying roughly ¥9.5bn for an 80% stake in EMG Power Electric, an Italian manufacturer of medium-voltage dry-type transformers based in Bibbiena, Tuscany. The deal runs through Tamura's consolidated subsidiary TAMURA-EUROPE LIMITED, which signed the share-transfer agreement on July 17, 2026, after Tamura's board approved the move on June 25. Tamura filed an extraordinary report with Japan's Financial Services Agency the same day the transaction was made public, as required for a subsidiary acquisition of this size.
The purchase covers 120,000 shares, funded from cash on hand and bank borrowing, with completion targeted for October 1, 2026. Tamura's disclosure flags that the final yen amount could still move with exchange rates before closing. EMG, founded in January 2014 and chaired by Filippo Galastri, will keep its two individual shareholders holding the remaining 20% and its existing management in place. Neither company has any prior capital, personnel, or trading relationship, according to the filing.
EMG's scale gives some sense of what Tamura is buying. Its revenue rose from €26.4mn in the year to December 2022 to €27.2mn in the year to December 2024, while operating profit ran between roughly €5.6mn and €7.5mn over that stretch. Tamura's disclosure notes that 2025 figures were not yet finalized when the notice went out, so the filing uses 2024 as the latest confirmed year.
| Metric | Year to Dec. 2022 | Year to Dec. 2023 | Year to Dec. 2024 |
|---|---|---|---|
| Net assets | 4,964 | 8,759 | 11,887 |
| Total assets | 16,197 | 22,023 | 22,175 |
| Sales | 26,426 | 25,409 | 27,170 |
| Operating profit | 5,633 | 7,474 | 6,230 |
| Net profit | 4,028 | 5,195 | 4,628 |
The strategic case centers on medium-voltage (MV) power gear. EMG's vacuum-pressure-impregnated and mold-transformer technology serves rail, renewable energy, battery storage, marine, and industrial power customers, and Tamura says the deal makes EMG the technical hub for MV dry-type transformer work across its global manufacturing network in Japan, Europe, the United States, Mexico, China, and Malaysia. Tamura's current mid-term plan names renewable energy, power infrastructure, heavy industry, next-generation telecoms, and mobility as priority markets, and the company points specifically to the growth of generative-AI data centers and rising medium-voltage distribution needs, especially in North America, as the immediate driver.
That North American push already has a physical anchor: Tamura's factory in Tijuana, Mexico, where the company is adding a new production line for large transformers and reactors, with output aimed at uninterruptible power supplies and power distribution units for AI data centers. Tamura is investing roughly $7mn in the expansion, targeting production start in the second half of 2026 and total capacity at the site roughly quadruple its 2023 level by 2027. Tamura says it is still assessing the acquisition's effect on its own earnings and will disclose further details if a material development arises.