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KEMET Announces Expectation for December 2003 Quarter, Actions to Enhance Global Competitiveness
December 23, 2003 |Estimated reading time: 1 minute
Greenville, S.C. — KEMET Corp. announced that revenue for the December 2003 quarter is anticipated to exceed the 7 percent sequential revenue increase, which is the consensus of analysts covering the company.
This is the result of continued improvement in unit volumes shipped, as well as a significantly slower decline in average selling prices compared with the prior quarter.
KEMET also announced today two actions to enhance its global competitiveness. Prior to the end of fiscal 2004, KEMET will terminate and distribute the assets of its defined benefit pension plan. As a result, KEMET will incur a $35 million special charge, to be recognized in the March 2004 quarter. The termination of the pension plan is anticipated to result in future savings of approximately $6 million per year. KEMET continues to provide other defined contribution retirement plans to its employees.
In addition, KEMET has acquired the Forest Electric Co. (FELCO) of Melrose Park, Illi. FELCO manufactures and sells industry-leading custom magnetic solutions. This acquisition broadens KEMET's product portfolio, leveraging KEMET's industry-leading capabilities in quality, delivery and service to further penetrate customers in the military, aerospace and industrial market segments.
KEMET Corp. provides industry-leading, high-performance electronic component solutions, including the world's most complete line of surface mount capacitor technologies across tantalum, ceramic and solid aluminum dielectrics. For more information, visit www.kemet.com.