China Commission Gives Kemet Clearance for Purchase of 34% Stake in NEC Tokin
KEMET Corporation (NYSE: KEM), a leading manufacturer of tantalum, ceramic, aluminum, film, paper and electrolytic capacitors, announced today that its wholly-owned subsidiary, KEMET Electronics Corporation ("KEC") received regulatory clearance from the Anti-monopoly Bureau of the Ministry of Commerce of the People's Republic of China for KEC's proposed acquisition of a 34% interest in NEC Tokin. As previously announced on March 12, 2012, KEC entered into a definitive agreement to acquire this interest for $50 million. All required governmental approvals to complete the transaction have now been obtained. The closing of the transaction is scheduled to occur on February 1, 2013, and remains subject to satisfaction or waiver of customary closing conditions.
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