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NEC TOKIN completes sale of EMD business
KEMET's joint venture, NEC TOKIN Corporation, has completed its sale of its electro-mechanical devices (EMD) business to NTJ Holdings.
The closing of the EMD sale fulfills a significant closing condition to KEMET's purchase, through its wholly owned subsidiary, KEMET Electronics Corporation (KEC), of the outstanding shares of NEC TOKIN from NEC Corporation (NEC) pursuant to the previously disclosed Stock Purchase Agreement between NEC and KEC. The closing of KEC's acquisition of NEC TOKIN is currently scheduled for on or about April 19.
EMD manufactures signal and power relays and is primarily located in Calamba, Laguna, Philippines. The selling price was JPY 48.2 billion (approximately USD 441.3 million).
