© KEMET Components | January 15, 2019
KEMET to shut down production at Swedish facility
The supplier of passive electronic components says that it is closing its manufacturing facility in Granna, Sweden. KEMET has initiated co-determination consultations with the local Swedish unions which start the legal consultation period under Swedish law.
This initiative is a continuance of the company's effort to further improve gross margins, net income, and cash flow in the Film and Electrolytic business segment. The Granna facility currently produces axial electrolytic capacitors that are mainly sold to the automotive industry, a press release reads. The Company's Film and Electrolytic segment intends to relocate the axial electrolytic production from Granna to its plant in Evora, Portugal and consolidate production with the axial electrolytic products being manufactured in the Evora plant. With this move, KEMET expects to achieve operating costs savings of approximately USD 0.6 million in fiscal year 2020 (which begins April 1, 2019) and USD 2.5 million per year thereafter. However, the company will incur notice period and other people-related charges of about USD 1.5 million and run up cash charges for equipment relocation and related costs of about USD 2.3 million. “We are planning to streamline our manufacturing operations for axial electrolytic capacitors with this planned relocation, thereby allowing us to increase flexibility, capabilities, and competitiveness in the marketplace. This planned consolidation of the manufacturing process enables us to not only reduce operating costs, but also improves our ability to meet our customers' changing demands,” says William Lowe, KEMET's Chief Executive Officer, in the release.
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