Components | November 17, 2011
Kemet with details on European restructuring
KEMET to continue restructuring actions as planned for European operations.
The Company has discussed in various earnings calls and in prior investor presentations that it intends to continue its restructuring efforts within Europe, primarily within its Film and Electrolytic segment, with various facility closures. These closures are expected to commence during the company’s next fiscal year that begins in April 2012. Construction will start in the near-term on a new facility in Pontecchio, Italy, that will allow the closure and consolidation of multiple manufacturing operations located in Italy. The company will also evaluate whether an impairment charge may be required related to the carrying value of the facilities to be affected by a closure in the future and it is also reviewing the value of certain manufacturing assets within Europe. The cash flow impact of this action is expected to occur over several quarters during the Company’s next two fiscal years. The Company expects to achieve cost savings related to these actions of $3 million to $4 million in its fiscal year ending March 31, 2013 and an additional $7 to $8 million in its fiscal year ending March 31, 2014. Beginning in the fiscal year ending March 31, 2015 the Company expects the annual cost savings will be approximately $15 to $18 million. Per Loof, KEMET Corporation’s Chief Executive Officer, stated, “There has been significant improvement in our Film and Electrolytic segment financial results over the past several quarters from our prior actions, but more is required to be competitive in the future. We have received excellent cooperation from our local unions and government representatives to achieve a partnership of driving for success that we believe can provide a level of economic stability for our employees and profitability for the Company.”
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