KEMET Electronics Italia, a wholly-owned division of KEMET Corporation, will sell its machinery division to Manz AG of Germany. The division manufactures machines for the production of lithium-ion batteries, film capacitors and electrolytic capacitors. The division was originally acquired by KEMET as part of its purchase of Arcotronics Italia S.p.A. in 2007.
Under the sales agreement, Manz will supply certain capacitor manufacturing equipment to KEMET over the next four years. The sales of the machinery division will allow KEMET to “focus our resources fully on designing, producing and distributing electronic component products,” said Bob Willoughby, vice president, film and electrolytic business group. The sale is expected to close no later than April 30, 2014.
KEMET Corporation is a global supplier of electronic components. Manz is based in Reutlingen, Germany.
In other merger and acquisition news, TE Connectivity has signed an agreement to acquire the SEACON group, a provider of underwater connector technology and systems in a $490 million cash deal.
The SEACON group serves the military marine and sub-sea sectors for remotely operated vehicles (ROV), autonomous underwater vehicles (AUV), oil and gas, environmental and oceanographic applications.
"The acquisition of the SEACON group expands TE's position as a leader in connectivity solutions for harsh environments and significantly strengthens our position in the high-growth oil and gas industry," said Tom Lynch, TE Connectivity chairman and CEO. The sale is subject to certain regulatory approvals and other closing conditions, and is expected to close in the company's current fiscal year.