<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, 2000.
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 26, 2000 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 30, 2000 and March 31, 1999
(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 30, 2000 and March 31, 1999
Statements of Changes in Net Assets Available for
Benefits - Years ended March 30, 2000 and March 31, 1999
Notes to Financial Statements - March 30, 2000 and March 31, 1999
Schedules
Item 27a - Schedule of Assets Held for Investment Purposes
at March 30, 2000 1
Item 27d - Schedule of Reportable Transactions for the Year ended
March 30, 2000 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 30, 2000 and March 31,
1999, 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 30, 2000 and March 31, 1999, 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 18, 2000 KPMG LLP
<PAGE> 7
KEMET EMPLOYEES' SAVINGS PLAN
Statements of Net Assets Available for Benefits
March 30, 2000 and March 31, 1999
<TABLE>
2000 1999
---- ----
<S> <C> <C>
Assets:
Investments (notes 2 and 7) $
61,667,829 Participant
loans 1,815,034 Employer
contribution receivable 1,785,911
Cash 81,405
------------ ------------
Net assets available for benefits $ 65,350,179
</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 30, 2000 and March 31, 1999
(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).
During fiscal 2000, the Plan changed its year end from March 31, to March 30.
(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 2000 or 1999.
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 in accordance with generally accepted accounting principals.
In September 1999, the American Institute of Certified Public Accountants
issued Statement of Position 99-3, Accounting for and Reporting of Certain
Defined Contributions Plan Investments and Other Disclosure Matters (SOP
99-3). SOP 99-33 simplifies the disclosure for certain investments and is
effective for plan years ending after December 15, 1999 with earlier
application encouraged. The Plan adopted SOP 99-3 during the Plan year ending
March 30, 2000. Accordingly, information previously required to be disclosed
about participant-directed fund investment programs are not presented in the
Plan's 2000 financial statements. The Plan's 1999 financial statement have
been reclassified to conform with the current year's presentation.
(b)Investment Valuation and Income Recognition
Under the 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.
(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 $11,800 in
fiscal 2000 and $10,050 in fiscal 1999.
(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 30, 2000 and March 31, 1999 investments of the Plan were as follows:
<TABLE>
2000
1999
---- ----
<S> <C> <C>
Investments:
At fair value:
Registered investment companies:
T. Rowe Price Mid Cap Growth Fund 8,677,494 5,709,022
T. Rowe Price Balanced Fund 11,530,686 10,047,639
T. Rowe Price Equity Income Fund 11,809,950 13,790,777
T. Rowe Price Science &Technology Fund 5,226,203
All other funds 7,005,021 3,052,785
---------- -----------
44,249,354 32,600,223
Common stock of KEMET Corporation 27,866,434 8,205,256
---------- -----------
Total investments, at fair value 72,115,788 40,805,479
At contract value:
T. Rowe Price Stable Value Fund 24,684,989 20,862,350
Total investments96,800,777 61,667,829
---------- -----------
During the Plan years ended March 30, 2000 and March 31, 1999, the Plans
investments appreciated (depreciated) in value by $29,908,277 and ($5,69,646)
respectively, as follows:
2000 1999
---- ----
</TABLE>
Registered investment companies $ 2,430,809 (1,492,711)
Kemet Corporation27,477,468 (4,206,935)
---------- -----------
$ 29,908,277
(5,699,646)
<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 30, 2000 and 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 $ 24,684,989
* KEMET Corp. Common Stock
27,866,434
* T. Rowe Price Equity Income Fund 11,809,950
* T. Rowe Price Balanced Fund 11,530,686
* T. Rowe Price Mid-Cap Growth Fund 8,677,494
* T. Rowe Price Small-Cap Value Fund 2,046,376
* T. Rowe Price International Stock Fund 2,500,550
* T. Rowe Price Science & Technology Fund 5,226,203
* T. Rowe Price Spectrum Income Fund 131,672
* T. Rowe Price Blue Chip Growth Fund
2,326,423
* Participants Loans interest rates
ranging from 8.75% to
9.50% 2,184,042
-----------
$ 98,984,819
===========
See accompanying independent auditor's report
<PAGE> 18
Exhibit 23
INDEPENDENT AUDITOR'S CONSENT
The Board of Directors
KEMET Corporation:
We consent to incorporation by reference in the Registration Statement
(No. 33-66092) on Form S-8 of KEMET Corporation of our report dated August 18,
2000 relating to the statements of net assets available for benefits of the
KEMET Employees' Savings Plan at March 30, 2000 and March 31, 1999, and the
related statements of changes in net assets available for benefits for the
years then ended, as well as the related financial statement schedule, which
report appears in the march 30, 2000 annual report on Form 11-K of the KEMET
Employee Savings Plan.
Greenville, South Carolina
September 26, 2000
</TABLE>
