<<<SOURCE: KEMET Corporation
KEMET to Add an Additional 85,000 Square Feet for the Manufacture of Tantalum Surface-Mount Capacitors
GREENVILLE, S.C., July 26 /PRNewswire/ -- KEMET Corporation (NYSE: KEM - news) announced at its Annual Meeting of Stockholders today the addition of more than 85,000 square feet of manufacturing floor space dedicated to the production of solid tantalum and conductive polymer tantalum capacitors in Matamoros, Mexico, and Mauldin, Greenwood, and Simpsonville, South Carolina.
``Customer demand for high-value, high-frequency capacitors has exploded, especially for broadband Internet infrastructure build-out,'' explained KEMET Chairman and Chief Executive Officer David E. Maguire. ``These capacity expansions will ensure that we will be able to provide high-value tantalum and high-frequency organic tantalum capacitors to meet our customers' needs, now and in the future.''
The expansion will involve the construction of a new 70,000 square foot manufacturing facility adjacent to KEMET's existing facilities in Matamoros. Additions in Mauldin and Greenwood will create another 10,800 square feet of manufacturing space, while the relocation of support functions within the existing Simpsonville facility will add another 4,500 square feet of manufacturing space. All four facilities will use the new capacity to increase production rates for solid tantalum surface-mount capacitors; Mauldin and Simpsonville will also increase production rates for KEMET's new high- performance conductive polymer tantalum capacitor known as KO-CAP, a product that is growing much faster than originally projected. As previously announced, approximately 1,100 new jobs are expected to be added at these facilities by the end of the fiscal year (March 2001) to support planned production increases, including these expansions.
These expansions are in addition to the 250,000 square foot tantalum manufacturing plant that began production last fall in Ciudad Victoria, Mexico, and to the recently announced 30,000 square foot expansion at KEMET's Fountain Inn Plant for the manufacture of ceramic surface-mount capacitors.
KEMET also announced the elections of Charles M. Culbertson II, Paul C. Schorr IV, and Charles E. Volpe as Directors, the approval of the Amendment to the Restated Certificate of Incorporation providing for 300,000,000 authorized shares of Common Stock, and the ratification of the appointment of KPMG LLP as independent public accountants to audit the Corporation's consolidated financial statements for the fiscal year ending March 31, 2001.
KEMET Corporation, headquartered in Greenville, South Carolina, is the largest manufacturer of solid tantalum capacitors and the fourth largest manufacturer of multilayer ceramic capacitors in the world. KEMET's common stock is listed on The New York Stock Exchange under the symbol KEM. Company information is available via the Internet at kemet.com .
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties discussed in detail in the Company's Securities and Exchange Commission filings and reports, including the Company's 2000 Annual Report to stockholders. Actual results may vary due to these or other risks and uncertainties.
SOURCE: KEMET Corporation >>>>
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Jim |
