KEMET Corp. (KEM) to Cut 420 Positions; Will Take Charge

July 26, 2012 8:25 AM EDT
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Price: $7.12 --0%

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Research and development: 7.12M

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KEMET Corporation (NYSE: KEM) will take a charge to earnings related to severance expenses of approximately $8.0 million to $9.0 million of which approximately $7.0 million will be accrued during the current quarter that ends September 30, 2012. This action will affect approximately 420 employees globally representing 4% of the global workforce.

The Company expects to achieve cost savings related to these actions of approximately $16 million in its fiscal year ending March 31, 2013, and achieve an annual run rate savings of $25 million as it exits the current fiscal year.

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