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© andrzej thiel dreamstime.com Components | February 04, 2013

Kemet and NEC Tokin start alliance

Kemet Corporation and NEC Tokin Corporation have accomplished the first step in their alliance with the completion of a capital injection of USD 50 million by Kemet Electronics Corporation into NEC Tokin.
Kemet and NEC Tokin entered into definitive agreements on this alliance on March 12, 2012 and are expecting to "enhance the two companies’ global businesses as well as NEC Tokin’s financial base and the recovery of its capacitors business which was severely damaged by the October 2011 flooding in Thailand".

Kemet and NEC Tokin have received all necessary governmental approvals, and the customary closing conditions to the injection have been satisfied. At the closing, Kemet received a third-party allotment of common shares. Following this allotment and taking into account the non-voting preferred shares assigned to NEC in March 2012, Kemet and NEC Corporation now respectively hold 51% and 49% of the voting interest, and 34% and 66% of the economic interest, in NEC Tokin.

NEC Tokin will continue operating under the same brand.

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