KEMET Enters Into Agreement for Sale of Machinery Division
GREENVILLE, S.C., April 3, 2014 /PRNewswire/ -- KEMET Corporation (NYSE: KEM) today announced that its wholly-owned subsidiary, KEMET Electronics Italia S.r.l., has entered into an agreement to sell the assets and specified liabilities of its Machinery division to Manz AG ("Manz"). The division was originally acquired by KEMET as part of its purchase of Arcotronics Italia S.p.A. in 2007, and manufactures machines for the production of lithium-ion batteries, film capacitors and electrolytic capacitors. As a result of the sale, all 83 division employees will be transferred to Manz. The transaction also includes a supply agreement by which Manz will supply certain capacitor manufacturing equipment to KEMET over the next four years.
"This transaction will enable KEMET to focus our resources fully on designing, producing and distributing electronic component products as well as more strategic initiatives, such as our expanding relationship with NEC TOKIN," stated Bob Willoughby, Vice President, Film and Electrolytic Business Group. "We are pleased that our employees in the Machinery division will be given the opportunity to work with such an outstanding engineering company as Manz, and that the Bologna region will benefit from attracting such an innovative, engineering solution provider with strong future growth prospects."
The sale is expected to close no later than April 30, 2014.
KEMET Corporation is a leading global supplier of electronic components. We offer our customers the broadest selection of capacitor technologies in the industry across all dielectrics, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier of electronic component solutions demanding the highest standards of quality, delivery and service. KEMET's common stock is listed on the NYSE under the symbol "KEM." Additional information about KEMET can be found at www.kemet.com.
Manz AG, based in Reutlingen, Germany, is a world-leading high-tech engineering company. Founded in 1987, in recent years the company has grown from an automation specialist into a supplier of production lines. Manz AG has amassed expertise in six areas of technology, including automation, laser processes, vacuum coating, printing, metrology and wet chemical processes. The technologies are deployed in three strategic fields, the "Display," "Solar" and "Battery" segments and continuously further developed.
The company, led by founder Dieter Manz, has been listed on the stock exchange in Germany since 2006.
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William M. Lowe, Jr.
Executive Vice President and Chief Financial Officer
SOURCE KEMET Corporation