AVX Corporation Announces a Definitive Agreement to Acquire KUMATEC
FOUNTAIN INN, S.C. -- AVX Corporation (NYSE: AVX) today announced that its subsidiary, AVX Interconnect Europe GmbH (“AVX Interconnect”), a limited liability company under German law, has signed a definitive agreement to acquire KUMATEC Sondermaschinenbau & Kunststoffverarbeitung GmbH (“KUMATEC”), a limited liability company under German law. KUMATEC develops, constructs and manufactures automation equipment and processes plastic components.
“The acquisition of KUMATEC and our joint venture in the hydrogen business is an exciting opportunity for AVX which will provide us additional manufacturing capabilities and new business opportunities.”
Included in the purchase is KUMATEC’s 50% interest in KUMATEC Hydrogen GmbH Co. KG (“KUMATEC Hydrogen”), a limited liability partnership under German law, which was recently spun out of KUMATEC. The purpose of the partnership is the development, marketing and supply of hydrogen fuel generation and delivery solutions and other related services. After closing, the partnership will be renamed AVX/KUMATEC Hydrogen GmbH Co. KG.
John Sarvis, President and Chief Executive Officer of AVX Corporation, stated, "The acquisition of KUMATEC and our joint venture in the hydrogen business is an exciting opportunity for AVX which will provide us additional manufacturing capabilities and new business opportunities.”
In accordance with the share purchase and transfer agreement, AVX will acquire all of KUMATEC shares for a consideration of EUR 12.5 million. The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type, and is expected to close at the end of April, 2018.
AVX Corporation is a leading worldwide manufacturer and supplier of a broad line of electronic components and interconnect, sensing and control products. AVX's components and products can be found in products manufactured in a broad range of industries worldwide. AVX is headquartered in Fountain Inn, SC, and can be found on the Internet at http://www.avx.com.
