<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED]
For the fiscal year end March 31, 1999.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to Commission file no. 0-20289
A: Full title of the plan and the address of the plan, if different from
that of the issuer named below:
KEMET Employees' Savings Plan
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
KEMET Corporation
Post Office Box 5928
Greenville, South Carolina 29606
<PAGE> 2
REQUIRED INFORMATION
Financial Statements and Schedules. The financial statements and
schedules included herewith relating to the KEMET Employees' Savings Plan (the
"Plan") were prepared in accordance with the financial reporting requirements
of ERISA and are provided pursuant to Instruction 4 of Form 11-K.
Consent of the Independent Auditors.
<PAGE> 3
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Act of 1934,
the Administrative Committee of the KEMET Employees' Savings Plan has duly
caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
KEMET EMPLOYEES' SAVING PLAN
September 27, 1999 By /S/ D.Ray Cash
-------------------------------------
D. Ray Cash
Senior Vice President of Administration and Treasurer
For the Administrative Committee
<PAGE> 4
KEMET EMPLOYEES' SAVINGS PLAN
Financial Statements and Schedules
March 31, 1999 and 1998
(With Independent Auditors' Report Thereon)
<PAGE> 5
KEMET EMPLOYEES' SAVINGS PLAN
Table of Contents
Independent Auditors' Report
Financial Statements:
Statements of Net Assets Available for
Benefits - March 31, 1999 and 1998
Statements of Changes in Net Assets Available for
Benefits - Years ended March 31, 1999 and 1998
Notes to Financial Statements - March 31, 1999 and 1998
Schedules
Item 27a - Schedule of Assets Held for Investment Purposes
at March 31, 1999 1
Item 27d - Schedule of Reportable Transactions for the Year ended
March 31, 1999 2
Independent Auditors' Consent Exhibit 23
Schedules not filed herewith are omitted because of the absence of conditions
under which they are required.
<PAGE> 6
Independent Auditors' Report
The Board of Directors
KEMET Electronics Corporation:
We have audited the accompanying statements of net assets available for
benefits of KEMET Employees' Savings Plan as of March 31, 1999 and 1998, and
the related statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
March 31, 1999 and 1998, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedules 1 and 2 are
presented for the purpose of additional analysis and are not a required part
of the basic financial statements but are supplementary information required
by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/S/ KPMG LLP
August 6, 1999 KPMG LLP
<PAGE> 7
KEMET EMPLOYEES' SAVINGS PLAN
Statements of Net Assets Available for Benefits
March 31, 1999 and 1998
<TABLE>
1999 1998
---- ----
<S> <C> <C>
Assets:
Investments (notes 2 and 7) $ 61,667,829 $
62,899,943 Participant loans
1,815,034 1,913,491 Employer contribution
receivable 1,785,911 1,838,215
Cash 81,405 -
------------ ------------
Net assets available for benefits $ 65,350,179 $ 66,651,649
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
KEMET EMPLOYEES' SAVING PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended March 31, 1999 and 1998
<TABLE>
1999 1998
---- ----
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (5,699,646) $ 7,121,797
Investments and dividends 3,073,560 3,117,936
------------ ------------
(2,626,086) 10,239,733
------------ ------------
Contributions:
Participants' 4,638,844 5,178,624
Employer's 1,824,340 1,838,215
------------ ------------
6,463,184 7,016,839
------------ ------------
Total additions 3,837,098 17,256,572
------------ ------------
Deductions from net assets attributed to:
Benefits paid to participants 5,128,068 4,073,245
Administrative expenses 10,500 12,050
------------ ------------
Total deductions 5,138,568 4,085,295
------------ ------------
Net increase (1,301,470) 13,171,277
Net assets available for benefits:
Beginning of year 66,651,649 53,480,372
------------ ------------
End of year $ 65,350,179 $ 66,651,649
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 9
KEMET EMPLOYEES' SAVING PLAN
Notes to Financial Statements
March 31, 1999 and 1998
(1) Description of Plan
The following description of the KEMET Employees' Savings Plan (Plan) provides
only general information. Participants should refer to the Plan agreement for
a more complete description of the Plan's provisions.
(a) General
The Plan is a defined contribution plan sponsored by KEMET Electronics
Corporation (Company) covering all full-time employees of the Company, its
parent and its subsidiaries who have completed one year of service. The Plan
is subject to the provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
(b) Contributions
Participants may choose one or both of the two savings types available, which
are the 401(k), which provides for deferral of taxation, and the Personal
Investment Account (PIA). Participants are allowed to contribute between 2
1/2% and 7 1/2% of their annual compensation as their basic contribution to
the Plan. This may be on a pretax basis to the 401(k) or an after tax basis to
the PIA. The Company matches 50% of 401(k) and 30% of PIA contributions,
subject to the basic savings rate limit of 7 1/2%. Employer contributions are
reduced by forfeitures. Additional amounts may be contributed at the option
of the Company's Board of Directors. There were no additional contributions
in 1999 or 1998.
In addition to their basic contribution, participants may contribute between
0.5% and 10% to either the 401(k) on a pretax basis (up to the IRS maximum) or
to the PIA.
(c) Participant Accounts
Each participant's account is credited with (a) the participant's
contribution, (b) the Company's matching contribution, (c) allocations of the
Company's additional contribution, and (d) Plan earnings, and through April,
1996, charged with an allocation of administrative expenses. Allocations are
based on participant earnings or account balances, as defined. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant's account.
(d) Vesting
Participants are immediately vested in their voluntary contributions and the
Company matching contributions plus actual earnings thereon. However,
penalties are incurred which can result in forfeiture of a portion of the
current year employer match if withdrawals are made on funds that have been in
the plan for less than twenty-four months, or if other withdrawals have been
made in the last twenty-four months.
<PAGE> 10
(1) Description of Plan, Continued
(e) Investment Options
Investment options with T. Rowe Price for participants are as follows:
KEMET Stock Fund - common stock of KEMET Corporation
International Stock Fund - common stocks of established, non-U.S. companies
Stable Value Fund - fixed principle investments
Small-Cap Value Fund - common stocks of small companies (market value less
than $500 million) with potential for capital appreciation
Mid-Cap Growth Fund - common stocks of medium-sized companies with potential
for capital appreciation
Balanced Fund - common stocks and bonds
Equity Income Fund - common stocks, primarily of dividend-paying established
companies
(f) Payment of Benefits
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump-sum amount equal to the value
of the participant's vested interest in his or her account, or annual
installments over a ten year period. For termination of service due to other
reasons, a participant may receive the value of the vested interest in his or
her account as a lump-sum distribution.
(g) Forfeited Accounts
Forfeited accounts are used to reduce future employer contributions.
(2) Summary of Significant Accounting Policies
(a) Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of
accounting.
(b) Investment Valuation and Income Recognition
Under the terms of a trust agreement between T. Rowe Price and the Plan, T.
Rowe Price manages a trust fund on behalf of the Plan which includes all Plan
investments. The investments and changes therein of this trust have been
reported to the Plan as having been determined through the use of fair values
for all assets of the trust fund as reported by T. Rowe Price. Shares of
registered investment companies are valued at quoted market prices which
represent the net asset value of shares held by the Plan at year-end. The
Company stock is valued at its quoted market price.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
(c) Payment of Benefits
Benefits are recorded when paid.
(e) Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions.
These estimates and assumptions affect the reported amount of assets and
liabilities and the disclosure of contingent assets and liabilities at the
date
<Page 11>
of the financial statements. In addition, they affect the reported amounts of
income and expenses during the reporting period. Actual results could differ
from these estimates and assumptions.
(3) Investment Contracts With Insurance Companies
The Plan's investment contracts with insurance companies included in the
stable value fund option are primarily invested in shares of a guaranteed
investment contract fund managed by T. Rowe Price. The insurance companies
maintain the contributions in a pooled account. The account is credited with
earnings on the underlying investments and charged for Plan withdrawals and
administrative expenses charged by the insurance companies. The contracts are
fully benefit-responsive and are included in the financial statements at
contract value, which approximates fair value, as reported to the Plan by the
insurance companies. Contract value represents contributions made under the
contracts, plus earnings, less Plan withdrawals and administrative expenses.
The average yield for the guaranteed investment contracts for the years ended
March 31, 1998 was approximately 6.0%. On January 31, 1999, the insurance
contract matured and all funds were transferred to the Stable Value Fund.
(4) Related Party Transactions
Certain Plan investments are shares of mutual funds managed by T. Rowe Price.
T. Rowe Price is the trustee as defined by the Plan for the indicated periods
and, therefore, these transactions qualify as party-in-interest. Fees paid by
the Plan to T. Rowe Price for loan administration services were $10,050 in
fiscal 1999 and $12,050 in fiscal 1998
(5) Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to amend it from time to time, to discontinue its contributions
at any time, and to terminate the Plan subject to the provisions of ERISA. In
the event of Plan termination, participants will remain 100 percent vested in
their accounts.
(6) Tax Status
The Internal Revenue Service has determined and informed the Company by a
letter dated December 12, 1994, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code (IRC).
The Plan has been amended since receiving the determination letter. However,
the Plan's administrator and the Plan's tax counsel believe that the Plan is
designed and is currently being operated in accordance with applicable
provisions of the IRC.
<PAGE> 12
(7) Investments
At March 31, investments of the Plan were as follows:
<TABLE>
1999 1998
---- ----
<S> <C> <C>
Investments:
At fair value:
Registered investment companies:
T. Rowe Price International Stock Fund $1,352,245 $1,131,857
T. Rowe Price Small Cap Value Fund 1,700,540 2,585,331
T. Rowe Price Mid Cap Growth Fund 5,709,022 4,423,894
T. Rowe Price Balanced Fund 10,047,639 10,064,107
T. Rowe Price Equity Income Fund 13,790,777 14,475,183
T. Rowe Price Stable Value Fund 20,862,350 -
---------- -----------
53,462,573 32,680,372
Common stock of KEMET Corporation 8,205,256 11,124,693
---------- -----------
Total investments, at fair value 61,667,829 43,805,065
At contract value:
T. Rowe Price Stable Value Common
Trust Fund - 18,459,780
Metropolitan Life Insurance Company - 635,098
---------- -----------
Total investments, at contract value - 19,094,878
---------- -----------
Total investments $61,667,829 $62,899,943
========== ===========
</TABLE>
<PAGE> 13
(8) Net Assets and Changes in Net Assets Available for Benefits with Fund
Information
A summary of net assets available for benefits with fund information at
March 31, 1999 follows:
<TABLE> Small
KEMET Blended International Cap Mid
Cap Equity
Stock Stable Value Stock Value Growth
Balanced Income Loan Settlement
Fund Fund Fund Fund Fund
Fund Fund Fund Account Total
-----------------------------------------------------------
- ---------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Investments:
Pooled funds
at fair value $ - 20,862,350 1,352,245 1,700,540
5,709,022 10,047,639 13,790,777 - - 53,462,573
Pooled funds
at contract value - - - -
- - - - - - -
Contract with
insurance company
at contract value - - - -
- - - - - - -
Common stock
of related
entity at
fair value 8,205,256 - - -
- - - - - - 8,205,256
Participant loans - - - -
- - - - 1,815,034 - 1,815,034
---------- ---------- --------- ---------
- --------- ---------- ---------- ---------- ----- ----------
Total investments 8,205,256 20,862,350 1,352,245 1,700,540
5,709,022 10,047,639 13,790,777 1,815,034 - 63,482,863
Employer contribution
receivable 198,887 525,330 60,549 100,087
258,556 270,332 372,170 - -
1,785,911
Cash - - - -
- - - - - 81,405 81,405
---------- ---------- --------- ---------
- -------- ---------- ---------- --------- ------ ----------
Net assets
available
for benefits $ 8,404,143 21,387,680 1,412,794 1,800,627
5,967,578 10,317,971 14,162,947 1,815,034 81,405
65,350,179
=========== ========== ========= =========
========= ========== ========== ========= ====== ==========
</TABLE>
<PAGE> 14
(8) Net Assets and Changes in Net Assets Available for Benefits with Fund
Information
A summary of the changes in net assets available for benefits with
fund information for the year ended March 31, 1999 follows:
<TABLE>
Blended Inter- Small Mid
KEMET Stable Stable national Cap
Cap Equity
Stock Value Value Stock Value
Growth Balanced Income Loan Settlement
Fund Fund Fund Fund Fund
Fund Fund Fund Fund Account Total
- --------------------------------------------------------------------------------
- ----------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
Additions to net
assets attributed to:
Investment income:
Net appreciation
(depreciation)in
fair value of
investment $(4,206,935) - - (2,367) (832,756)
92,871 472,127 (1,222,586) - - (5,699,646)
Interest and
dividend - 193,325 1,001,528 48,266 139,963
111,058 305,331 1,108,660 - 165,429
3,073,560
Contributions:
Participant 596,217 152,158 1,086,186 172,106 350,242
657,018 630,107 994,810 - - 4,638,844
Employer 202,599 526,768 5,780 61,786 103,806
268,877 274,309 380,415 - -
1,824,340
- --------------------------------------------------------------------------------
- ------------------------------------------
Total additions (3,408,119) 872,251 2,093,494 279,791 (238,745)
1,129,824 1,681,874 1,261,299 - 165,429
3,837,098
Deductions in net assets
attributed to:
Benefits paid
to participants (474,838) (286,687) (1,974,868) (44,423) (91,917)
(414,673) (742,758) (936,358) - (161,546)
(5,128,068)
Administrative expense (419) (715) (4,600) (86)
(113) (281) (2,722) (1,564) - -
(10,500)
Intraplan transfers 825,832 20,802,642 (19,664,905) (28,390) (571,308)
564,528 (946,100)(1,063,704) 81,405 -
- -
Loan withdrawals (25,237) (69,669) (382,480) (2,716) (32,629)
(41,879) (149,064) (141,927) - 845,601
- -
Loan principle 94,588 58,574 243,895 15,924 34,498
82,159 119,402 133,472 - (782,512)
- -
Loan interest 21,520 11,284 45,050 4,156 7,622
16,089 23,425 36,283 - (165,429)
- -
- --------------------------------------------------------------------------------
- ------------------------------------------
Net increase (2,966,673) 21,387,680 (19,644,414) 224,256 (892,592)
1,335,767 (15,943) (712,499) 81,405 (98,457) (1,301,470)
(decrease)
Net assets available
for benefits:
Beginning of year 11,370,816 - 19,644,414 1,188,538 2,693,219
4,631,811 10,333,914 14,875,446 - 1,913,491
66,651,649
- --------------------------------------------------------------------------------
- -----------------------------------------
End of year $8,404,143 21,387,680 - 1,412,794 1,800,627
5,967,578 10,317,971 14,162,947 81,405 1,815,034
65,350,179
================================================================================
=========================================
</TABLE>
<PAGE> 15
(8) Net Assets and Changes in Net Assets Available for Benefits with Fund
Information
A summary of net assets available for benefits with fund information at
March 31, 1998 follows:
<TABLE> Small
KEMET Blended International Cap Mid
Cap Equity
Stock Stable Value Stock Value Growth
Balanced Income Loan Settlement
Fund Fund Fund Fund Fund
Fund Fund Fund Account Total
- --------------------------------------------------------------------------------
- ------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Investments:
Pooled funds
at fair value $ - - 1,131,857 2,585,331
4,423,894 10,064,107 14,475,183 - - 32,680,372
Pooled funds
at contract value - 18,459,780 - -
- - - - - - 18,459,780
Contract with
insurance company
at contract value - 635,098 - -
- - - - - - 635,098
Common stock
of related
entity at
fair value 11,124,693 - - -
- - - - - - 11,124,693
---------- ---------- --------- ---------
- --------- ---------- ---------- ---------- ----- ----------
Total investments 11,124,693 19,094,878 1,131,857 2,585,331
4,423,894 10,064,107 14,475,183 - - 62,899,943
---------- ---------- --------- ---------
- --------- ---------- ---------- ---------- ----- ----------
Participant loans - - - -
- - - - 1,913,491 - 1,913,491
Employer
contribution receivable 246,123 549,536 56,681 107,888
207,917 269,807 400,263 - - 1,838,215
---------- ---------- --------- ---------
- -------- ---------- ---------- --------- ------ ----------
Total assets 11,370,816 19,644,414 1,188,538 2,693,219
4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649
---------- ---------- --------- ---------
- --------- ---------- ---------- --------- ------ ----------
Net assets
available
for benefits $11,370,816 19,644,414 1,188,538 2,693,219
4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649
========== ========== ========= =========
========= ========== ========== ========= ====== ==========
</TABLE>
<PAGE> 16
(8) Net Assets and Changes in Net Assets Available for Benefits with Fund
Information
A summary of the changes in net assets available for benefits with
fund information for the year ended March 31, 1999 follows:
<TABLE>
Inter- Small
KEMET Blended national Cap Mid
Cap Equity
Stock Stable Value Stock Value Growth
Balanced Income Loan Settlement
Fund Fund Fund Fund Fund
Fund Fund Fund Account Total
- --------------------------------------------------------------------------------
- ------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Additions to net
assets attributed to:
Investment income:
Net appreciation
(depreciation)
in fair value of
investments $1,024,571 - 78,159 421,082
1,182,590 1,858,476 2,556,919 - - 7,121,797
Interest and
dividends - 1,155,761 49,213 140,358
37,219 353,882 1,220,865 160,638 - 3,117,936
Contributions:
Participants 683,760 1,308,790 177,550 283,025
564,253 629,180 1,032,171 - - 4,678,729
Employer 246,123 549,536 56,681 107,888
207,917 269,807 400,263 - - 1,838,215
Rollovers
into the Plan 92,047 1,345 26,442 92,349
111,943 73,355 102,414 - - 499,895
- --------------------------------------------------------------------------------
- ------------------------------------
Total additions 2,046,501 3,015,432 388,045 1,044,702
2,103,922 3,184,700 5,312,632 160,638 - 17,256,572
- --------------------------------------------------------------------------------
- ------------------------------------
Deductions
in net assets
attributed to:
Benefits paid
to participants (505,947) (1,434,150) (17,772) (187,650)
(276,922) (732,743) (871,699) (46,362) - (4,073,245)
Administrative expenses (918) (4,750) (100) (272)
(438) (3,738) (1,834) - - (12,050)
Intraplan transfers(1,562,426) (834,472) 144,764 752,929
669,804 139,546 708,912 - (19,057) -
Loan withdrawals (96,548) (521,723) (15,624) (8,565)
(24,640) (231,503) (306,395) 1,204,998 - -
Loan principle 87,481 264,695 25,079 21,069
45,934 83,845 125,275 (653,378) - -
Loan interest 22,013 60,370 5,027 6,331
13,728 22,451 30,718 (160,638) - -
- --------------------------------------------------------------------------------
- ------------------------------------
Net
increase
(decrease) (9,844) 545,402 529,419 1,628,544
2,531,388 2,462,558 4,997,609 505,258 (19,057) 13,171,277
Net assets available
for benefits:
Beginning of year 11,380,660 19,099,012 659,119 1,064,675
2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372
-----------------------------------------------------------
- ---------------------------------------------------------
End of year 11,370,816 19,644,414 1,188,538 2,693,219
4,631,811 10,333,914 14,875,446 1,913,491 - 66,651,649
================================================================================
====================================
</TABLE>
<PAGE> 17
Schedule 1
KEMET EMPLOYEES' SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
March 31, 1999
<TABLE>
(c)
Description of investment
(a) (b) including maturity date,
Party- Identity of issue, rate of interest, (e)
in- borrower, lessor, collateral, par or (d) Current
interest or similar party maturity value Cost Value
<S> <C> <C> <C> <C>
* T. Rowe Price Stable Value $ 20,862,350 20,862,350
* KEMET Corp. Common Stock 11,811,694 8,205,256
* T. Rowe Price Equity Income Fund 14,793,306 13,790,777
* T. Rowe Price Balanced Fund 9,543,937 10,047,639
* T. Rowe Price Mid-Cap Growth Fund 5,525,050 5,709,022
* T. Rowe Price Small-Cap Value Fund 2,307,763 1,700,540
* T. Rowe Price International Stock Fund 1,321,621 1,352,245
* Participant Loans, interest rates - 1,815,034
Ranging from 9.25% to ---------- -----------
9.50% $ 66,165,721
63,482,863
============
===========
</TABLE>
See accompanying independent auditors' report.
<PAGE> 18
Schedule II
KEMET EMPLOYEES' SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
March 31, 1999
<TABLE>
(f) (h) (i)
(a)
Expense (g) Current Value Net
Identity (b) (c) (d) (e)
Incurred Cost of Asset on Gain
of Party Description Purchase Selling Lease
with of Transaction or
Involved of Asset Price Price Rental
Transaction Asset Date (Loss)
- --------------------------------------------------------------------------------
- -------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
T. Rowe Price Settlement Account $ 3,334,889 - -
- - - 3,334,889 -
T. Rowe Price Settlement Account - (3,253,484) -
- - - (3,253,484) -
KEMET Corp. Common Stock 3,378,337 - -
- - 3,378,337 3,378,337 -
KEMET Corp. Common Stock - (2,090,419) -
- - (2,361,490) (2,090,419) (271,071)
T. Rowe Price Stable Value Fund 21,731,514 - -
- - 21,731,514 21,731,514 -
T. Rowe Price Stable Value Fund - (868,449) -
- - (868,449) (868,449) -
T. Rowe Price Blended Stable Value
Fund 5,726,786 - -
- - 5,276,786 5,276,786 -
T. Rowe Price Blended Stable Value
Fund - (24,817,064) -
- - (24,817,064) (24,817,064) -
T. Rowe Price Mid Cap Growth Fund 2,363,505 - -
- - 2,363,505 2,363,505 -
T. Rowe Price Mid Cap Growth Fund - (1,170,968) -
- - (1,130,867) (1,170,968) 40,101
T. Rowe Price Balanced Fund 1,940,610 - -
- - 1,940,610 1,940,610 -
T. Rowe Price Balanced Fund - (2,426,480) -
- - (2,107,744) (2,426,480) 318,736
T. Rowe Price International Stock
Fund 3,130,893 - -
- - 3,130,893 3,130,893 -
T. Rowe Price Internation Stock
Fund - (2,591,148) -
- - (2,372,182) (2,591,148) 218,966
</TABLE>
See accompanying independent auditors' report.
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<PAGE> 1
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
KEMET Corporation:
We consent to incorporation by reference in the Registration Statement (No.
33-60092) on Form S-8 of KEMET Corporation of our report dated August 6,1999
relating to the statements of net assets available for benefits of the KEMET
Employees' Savings Plan at March 31, 1999 and 1998, and the related statements
of changes in net assets available for benefits for the years then ended, as
well as the related financial statement schedules, which report appears in the
March 31, 1999 annual report on Form 11-K of the KEMET Employees Savings Plan.
/S/ KPMG LLP
Greenville, South Carolina KPMG LLP
September 23, 1999