12, the major htmlCC manufacturer Guoju announced that it plans to acquire 100% of the equity of KEMET (KimeMe), a well-known passive component company in the United States, at a total price of US$1.8 billion (about RMB 12.7 billion). The transaction amount per share is US$27.2. The transaction is expected to be completed in the second half of next year.
It is understood that KEMET is one of the world's well-known capacitor manufacturers. It occupies a global leading position in the field of passive electronic technology and has a global sales and distribution network.
KEMET has 23 manufacturing plants in more than 10 countries including the United States and China, and has about 14,000 employees in 22 countries in the Americas, Asia and Europe. Products include ceramic capacitor , magnetic materials, sensors, thin films and electrolytic capacitor . It is used in advanced automotive electronics, industry, aerospace, medical care, smart phones, cloud and network equipment, wireless communications, 5G, etc., and has more than 1,600 patents worldwide.
Guoju Chairman and CEO Chen Taiming said: "KEMET has outstanding technological innovation capabilities and has a good history in integrating cross-border mergers and acquisitions of . We have always admired their success and look forward to creating new achievements for the merged company. KEMET provides us with an excellent opportunity to combine our strengths to achieve synergies in product and technology products and geographical coverage. Integration will enhance our ability to serve our customers in consumer electronics and high-end automotive, industrial, aviation, telecommunications and medical fields. I look forward to working with KEMET employees to drive future growth and bring greater value to our shareholders and customers."
Acquisition of KEMET, Guoju will become a one-stop supplier of passive electronic components, including polymers, tantalum, ceramics, films and electrolytic capacitors , chip resistors, circuit protection, and a leading combination of magnetic, sensors and actuators , all targeting the entire terminal market segment. The recovery of the
MLCC market has made Guoji taste a wave of sweetness.
Guoju's revenue in September grew for the third consecutive month, with a cumulative third-quarter revenue growth rate of 7.7%. Due to the return of single-quarter revenue and this wave of emergency order effect, Guoju has relatively abundant inventory response. Guoju expects to compress the finished product inventory level to 70 days by the end of this year, ahead of the original 90-day finished product inventory target, and the inventory reduction speed is better than expected.
MLCC industrial chain overview:
Overview The MLCC industrial chain, the upstream is the raw material link, which contains two main types of raw materials, one is MLCC ceramic powder, mainly concentrated in Japan, South Korea and Taiwan, and the other is the metals that make up the inner and outer electrodes, mainly concentrated in China; the midstream is the device manufacturing link, and the product market share of Japan, South Korea and Taiwan is relatively high; the downstream is mainly driven by the demand for application fields such as consumer electronics, industry, and communications. In the future, the automotive field and the convertible energy field are also expected to become new growth points.
MLCC Industry chain
2018 Global MLCC Shipping distribution field
MLCC Production capacity distribution:
Global MLCC Foreign manufacturers account for the majority of the market, covering the domestic mid- and low-end products
There are about 20 MLCC manufacturers around the world, and the main manufacturers include:
Japan: Kyocera (KYOCERA), Murata (MUTATA), Maruwa (Maruwa), TDK, and Sunsuo (TAIYO);
South Korea: Samsung (SAMSUNG);
United States: KEMET, AVX;
Taiwan: DARFON, Heshentang (HEC), Guoju (YAGEO), Huaxinke (WALSIN);
Mainland: Fenghua Hi-Tech (FENGHUA), Torch Electronics, Yuyang (EYANG).
Among them, Japanese and Korean manufacturers mainly take the high-end route, while mainland and Taiwan manufacturers take the mid- and low-end route.
From the supply side, the top five manufacturers Murata, Samsung Motor , Guoju, Sun Yudian and TDK account for about 85% of the market share.
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