UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15 (d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 30, 2008
KEMET Corporation
(Exact name of registrant as specified in its charter)
|
Delaware |
|
0-20289 |
|
57-0923789 |
|
(Jurisdiction of Corporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
|
|
|
|
|
|
|
2835 KEMET Way, Simpsonville, SC |
|
29681 |
||
|
(Address of principal executive offices) |
|
(Zip Code) |
||
Registrant’s telephone number, including area code: (864) 963-6300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
o |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
|
o |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
|
o |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
|
o |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4c)) |
Item 2.02 Results of Operations and Financial Condition
On July 30, 2008, KEMET Corporation (the “Company”) issued a News Release announcing the consolidated results for the first quarter ended June 30, 2008.
A copy of this News Release is furnished as Exhibit 99.1 to this Form 8-K.
Item 2.05 Costs Associated with Exit or Disposal Activities
On July 30, 2008, the Company issued a Press Release concerning its rationalization plan which calls for a reduction of approximately 640 staff and manufacturing support functions in the United States, Europe, Mexico and Asia. The timing for most of the terminations is expected to occur by July 31, 2008. The one-time termination benefits are estimated to be $20 million and will primarily be accrued in the second quarter of fiscal year 2009. The expected future cash expenditures are estimated to be approximately $20 million.
A copy of this News Release is furnished as Exhibit 99.2 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits
|
(d.) |
Exhibits |
|
|
|
|
99.1 |
News Release, dated July 30, 2008 issued by the Company |
|
|
|
|
99.2 |
News Release, dated July 30, 2008 issued by the Company |
Signature
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
Date: August 1, 2008 |
|
KEMET Corporation |
|
|
|
|
|
|
|
|
|
|
|
/s/ WILLIAM M. LOWE, JR. |
|
|
|
|
|
|
|
William M. Lowe, Jr. |
|
|
|
|
|
|
|
Executive Vice President and |
|
|
|
|
|
|
|
Chief Financial Officer |
2