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AVX Announces Change for Tantalum Material
September 23, 2003 |Estimated reading time: Less than a minute
Myrtle Beach, S.C. — During fiscal 2001, in order to reduce the risk of interruption in tantalum supplies, AVX entered into a long-term agreement for the supply of a portion of its anticipated annual tantalum material requirements.
The company values inventory at the lower of cost or market (realizable value).
The Company has determined, due to the current mix of tantalum components produced and decreased sales prices for such components, that the carrying value of its current inventory received under the supply agreement exceeds its realizable value. In addition, the company has estimated that accruals are necessary for estimated losses in connection with the future commitment to purchase tantalum materials under the supply agreement.
Accordingly, an estimated $80 to $90 million charge will be recorded in cost of sales in the quarter ending September 30, 2003.
For more information on AVX Corp., visit www.avxcorp.com.