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AVX Reports Reorganization
December 1, 2003 |Estimated reading time: Less than a minute
Myrtle Beach, S.C. — AVX Corp. announces its intention, effective January 1, 2004, to establish new wholly owned subsidiaries to be called Kyocera Electronic Devices (KED) that will focus exclusively on the design, marketing and sale of products supplied from its majority stockholder, Kyocera Corp.
Certain existing AVX resources will be dedicated to this new organization, and additional sales and marketing resources will be added to grow the business related to these products that require extensive design-in collaboration with customers.
Effective April 1, 2004, in connection with Kyocera's restructuring of its crystal components related business, the new KED organization will be responsible for the distribution of such products previously sold by Kinseki Ltd., a wholly owned subsidiary of Kyocera, in the Americas, Europe and parts of Asia. Kinseki's annual sales in those regions are approximately $80 million. In connection with the restructuring, AVX will acquire certain sales and marketing resources and working capital items from Kinseki.
AVX Corp. is a leading international manufacturer and supplier of a broad line of passive electronic components and related products. For more information, visit www.avxcorp.com.