KEMET To Sell Its Machinery Division - Quick Facts

(RTTNews) - KEMET Corp.'s (KEM) subsidiary, KEMET Electronics Italia S.r.l., has agreed to sell the assets and specified liabilities of its Machinery unit to Manz AG (MANZF.PK). The division was acquired originally by KEMET as part of its purchase of Arcotronics Italia S.p.A. in 2007, and manufactures machines for the production of lithium-ion batteries, film capacitors and electrolytic capacitors. Through this sale, all 83 division employees would be transferred to Manz. Also, the transaction includes a supply deal by which Manz would supply certain capacitor manufacturing equipment to KEMET over the next 4 years.

"This transaction will enable KEMET to focus our resources fully on designing, producing and distributing electronic component products as well as more strategic initiatives, such as our expanding relationship with NEC TOKIN," stated Bob Willoughby, Vice President, Film and Electrolytic Business Group.

The sale may close no later than April 30, 2014.