KEMET Announces Consolidation of Ceramic and Film & Electrolytics Business Groups
March 23, 2010
GREENVILLE, SC – March 22, 2010 – KEMET Corporation (KEME.OB), a leading manufacturer of tantalum, multilayer ceramic, solid aluminum, plastic film, paper and electrolytic capacitors, announced today that it will combine its Ceramic and Film and Electrolytics business groups to generate synergies and accelerate the activities needed to enhance the operational performance of the former Film and Electrolytic (F&E) Business Group.
Chuck Meeks, formerly Senior Vice President of the Ceramic Business Group, has been appointed to lead the newly organized group effective immediately.
We believe that the consolidation of these two businesses will capitalize on the Ceramic team’s proven track record of consistently demonstrated restructuring capabilities, enabling it to continue to manage the successful performance of the Ceramic business unit while also applying its experience to the planned restructuring activities of the F&E business unit, stated Per Loof, KEMET’s Chief Executive Officer. The Ceramic Business Group has been able to maintain and even improve its performance during the recent challenging business cycle and this combination will bring a strong management team to our plan to bolster the operating results of the F&E unit, strengthening our overall financial performance and providing additional shareholder value, continued Loof.
The Company reported net sales of $199.9 million for the quarter-ended December 31, 2009. The Ceramics and F&E business groups reported $45.8 million and $60.3 million respectively. The Tantalum Business Group reported net sales of $93.8 million for the same period.
About KEMET
KEMET Corporation (KEME.OB) applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world. KEMET offers the world’s most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com/ .
