AVX Announces Offer of Shares by Kyocera.

Business Editors/High Tech Writers

MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Jan. 20, 2000

AVX Corporation (NYSE: AVX) today filed a registration statement with the Securities and Exchange Commission for the proposed sale of 5.25 million shares of AVX's common stock by Kyocera Corporation, its majority stockholder.

In addition, Kyocera will grant an option to the underwriters of the offering to acquire an additional 750,000 shares to cover over-allotments. When the offering is complete, Kyocera will own approximately 70% of AVX's common stock (69% if the underwriters exercise their over-allotment option in full). AVX will not receive any of the proceeds from the shares sold by Kyocera.

AVX, headquartered in Myrtle Beach, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.

Merrill Lynch, Pierce, Fenner &Smith Incorporated will act as the lead underwriter of the proposed public offering. Donaldson, Lufkin &Jenrette Securites Corporation, Morgan Stanley &Co. Incorporated and Salomon Smith Barney Inc. will act as co-managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of the preliminary prospectus may be obtained, when available, from the lead underwriter or the co-managers.