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Electronics Production | June 28, 2005

KEMET to reduce global work force

Aluminium, Ceramic and Tantalum manufacturer KEMET Corporation, has announced a reduction in force that will impact approximately 150 jobs worldwide.
The majority of the job cuts are in the United States. KEMET's European operation, KEMET Electronics S.A. is based in Switzerland. How that unit will be affected is presently unknown.

The majority of the job cuts are in the United States. The restructuring will result in annual savings of approximately $8 million. As a result of the restructuring, KEMET will incur a special charge of approximately $4 million in the June 2005 quarter related to employee termination and severance costs.

"KEMET's mission is to return to profitability as soon as possible," said Per-Olof Loof, KEMET's Chief Executive Officer. "This restructuring action will allow the company to adjust its expense to revenue ratio, and take us one step closer to achieving this mission. In the near future, I will be announcing further plans to move KEMET forward to the performance levels our shareholders expect."

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