KEMET Provides Update on CFIUS Review Process

FORT LAUDERDALE, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- KEMET Corporation (“KEMET”) (NYSE: KEM) today announced that the Committee on Foreign Investment in the United States (CFIUS) has notified the Company by letter dated March 9, 2020, that it will continue its evaluation of the previously announced acquisition of KEMET by Yageo Corporation (“Yageo”) (TAIEX: 2327) with a 45-day investigation period. This investigation period, which KEMET and Yageo expected, will be completed no later than April 23, 2020.

KEMET and Yageo continue to work cooperatively with CFIUS throughout the process. The CFIUS process is confidential, and KEMET and Yageo do not intend to comment further on that process while it is ongoing.

KEMET also announced today that, on March 5, 2020, the Mexican Competition Authority authorized the acquisition of KEMET by Yageo. The parties continue to expect the transaction to close in the second half of 2020, subject to additional customary closing conditions and the receipt of the remaining required regulatory approvals, which include approvals under the antitrust laws in China and Taiwan, as well as approval from the Investment Commission, Ministry of Economic Affairs in Taiwan.

About KEMET

KEMET’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE: KEM). At the Investor Relations section of our web site at http://www.KEMET.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of sensors, actuators and electromagnetic compatibility solutions. KEMET operates manufacturing facilities, sales and distribution centers around the world. Additional information about KEMET can be found at http://www.KEMET.com.

Cautionary Statement on Forward-Looking Statements

Certain statements herein contain “forward-looking statements” within the meaning of federal securities laws about KEMET’s financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets in which KEMET operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates” or other similar expressions and future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.