Press Release – 10/16/2012
AVX Corporation (AVX) reported that it has signed an agreement with Nichicon Corporation to purchase its Tantalum Component Division for approximately $86 million. The all-cash purchase comprises Nichicon’s tantalum component manufacturing subsidiaries located in Shiga, Japan and Tianjin, China. The annual component sales of the Division approximate $75 million.
John Gilbertson, AVX’s Chief Executive Officer and President, said “The purchase of the tantalum component operations of Nichicon enhances our leadership position in the passive electronic component industry and provides further opportunities for expansion in the Asian region and tantalum component manufacturing efficiencies.”
The transaction is subject to customary closing conditions, including regulatory filings as may be required. The transaction is expected to close before the end of the calendar year or as soon thereafter as may be possible subject to regulatory approvals.
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.
Please visit our website at www.avx.com.
This Press Release contains “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding industry prospects and future results of operations or financial position, made in this Press Release are forward-looking. The forward-looking information may include, among other information, statements concerning our outlook for fiscal year 2013, overall volume and pricing trends, cost reduction and acquisition strategies and their anticipated results, expectations for research and development, and capital expenditures. There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Forward-looking statements reflect management’s expectations and are inherently uncertain. The forward-looking information and statements in this Press Release are subject to risks and uncertainties, including those discussed in our Annual Report on Form 10-K for fiscal year ended March 31, 2012, that could cause actual results to differ materially from those expressed in or implied by the information or statements herein. Forward-looking statements should be read in context with, and with the understanding of, the various other disclosures concerning the Company and its business made elsewhere in this Press Release as well as other public reports filed by the Company with the SEC. You should not place undue reliance on any forward-looking statements as a prediction of actual results or developments.
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AVX Corporation, Greenville, SC, Kurt Cummings, 864-967-9303, email@example.com
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