Kemet to Cut 1,600 Jobs in U.S., Mexico
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Kemet Corp., a maker of electrical parts used in cell phones and computers, said it would cut 1,600 jobs, or about 17% of its work force, in a move to curtail production amid a downturn in demand for electronics.
The Greenville, S.C., company said it would cut 600 staff in the United States and 1,000 in Mexico.
Kemet said it will record a restructuring charge of about $25million in the current quarter as a result of the cost cutting. The company said it will continue to operate at reduced capacity levels well into 2002. Shares of Kemet fell 7 cents to $18.41 on the NYSE.
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