GREENVILLE, S.C. (AP) -- Electronic capacitor manufacturer Kemet Corp. says it will cut about 640 jobs worldwide to reduce costs.
The Greenville company said in a news release Wednesday that about 200 of those jobs will be in the U.S. with the remainder at operations in Asia, Europe and Mexico.
Kemet reported a loss in its fiscal first quarter ending June 30 because of rising energy costs, pricing pressure in Asian markets and general weakening economic conditions.
The company reported a loss of $187 million, or $2.33 a share, compared with profit of $7 million, or 8 cents a share, during the same quarter last year.
Severance costs are expected to be about $20 million in the current quarter and the company says it will save $24 million for the remainder of the year through the job cuts.
