KEMET Announces Construction of New Manufacturing Facility in Macedonia
Press Release · July 01, 2011
Greenville, SC - KEMET Corporation (NYSE: KEM), a leading manufacturer of tantalum, ceramic, aluminum, film, paper and electrolytic capacitors, today announced plans to construct a new manufacturing facility in Skopje, Macedonia.
"This facility is a component of KEMET's long-term strategy of consolidating and maintaining manufacturing for its European customer base, while fulfilling our objective of lowering the cost structure associated with our Film and Electrolytic business," stated Per Loof, Chief Executive Officer. "The first products to be manufactured at this new facility will be standard DC film capacitors which support many industries including alternative energy, automotive and industrial," continued Loof.
The initial facility will be a total 10,000 square meters of manufacturing and administrative office space and employ approximately 200 people when fully operational. The expected completion date of the facility is summer 2012. The investment in this new KEMET facility, including transferred assets, is expected to be approximately €12 million. More about KEMET at www.kemet.com
In June 2009 Platinum Equity provided a credit facility, allowing KEMET to complete a tender offer to retire debt. Additionally, Platinum provided KEMET with additional liquidity to fund future growth
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