By Kari Williamson

"[The] announcement is certainly the most dramatic change in the history of our company, and possibly even in the Electronic Component Solutions industry. We are presenting a roadmap outlining an initial joint venture between NEC Tokin and KEMET that will take us on a journey that will lead to a truly global enterprise and one of the most exciting component solutions companies in the world," says Per Loof, CEO of KEMET.

"We are excited about what this venture means to both NEC Tokin's and KEMET's customers and the strength that it brings in areas of manufacturing expertise, product development, and synergies across our product base. The long-term opportunities for people and business growth have opened up immensely for all of our combined employees and the future opportunities for all other stakeholders, customers and investors, have moved to a new and higher plateau."

In August 2014, KEMET will make a second US$50m for an additional economic interest of 15% resulting in an economic ownership of 49% while maintaining 51% of the voting common stock.

NEC Tokin is headquartered in Tokyo, Japan, and has has manufacturing locations in Sendai, Shiroishi and Toyama Japan; Xiamen, China; Dong Nai, Vietnam; Calamba, Philippines; and Chachoengsao, Thailand.