AVX Corporation Reports Reorganization.Business Editors/High-Tech Writers MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Nov. 25, 2003 AVX AVX Adult Video XXX AVX Avid Visual Extensions AVX anti Virus Expert Corporation (NYSE NYSE See: New York Stock Exchange : AVX) today announced its intention, effective the 1st of January, 2004, to establish new wholly-owned subsidiaries, to be called Kyocera Electronic Devices ("KED"), that will focus exclusively on the design, marketing and sale of products supplied from its majority stockholder, Kyocera Corporation ("Kyocera"). Certain existing AVX resources will be dedicated to this new organization, and additional sales and marketing resources will be added to grow the business related to these products that require extensive design-in collaboration with customers. Effective April 1, 2004, in connection with Kyocera's restructuring of its crystal components related business, the new KED organization will be responsible for the distribution of such products previously sold by Kinseki, Limited ("Kinseki"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Kyocera, in the Americas, Europe and parts of Asia. Kinseki's annual sales in those regions are approximately $80 million. In connection with the restructuring, AVX will acquire certain sales and marketing resources and working capital items from Kinseki. John Gilbertson, AVX's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, stated, "We are delighted to add the Kinseki crystal components to our product offerings, which will add to AVX's overall sales and enhance the added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
AVX, headquartered in Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. , is a leading international manufacturer and supplier of a broad line of passive electronic components and related products. Certain statements contained above may be "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Risk factors relating to such statements are included from time to time in documents AVX Corporation files with the Securities and Exchange Commission, including but not limited to its Form 10-Ks, Form 10-Qs and From 8-Ks. Actual events, results, and/or timing may differ from the events, results, and /or timing as projected, estimated, or described above. Please visit our website at www.avxcorp.com. |
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