Print technology manufacturer Kyocera Corporation has agreed to a $49.9 million settlement to end a class action lawsuit by investors over the company’s 2020 merger with US electronics manufacturer AVX.
AVX shareholders filed a $1 billion class action suit against Japan’s Kyocera, accusing the company of what US reports termed a “squeeze-out merger” with South Carolina-based electronics company AVX.
According to a Delaware’s Chancery Court notice, the settlement includes a $49.9 million payment to be made by insurers for Kyocera and the AVX directors to former investors in the electronics company.
AVX was acquired by Kyocera in 2020.
KYOCERA AVX Components Corporation is now a leading international manufacturer and supplier of advanced electronic components and interconnect, sensor, control and antenna solutions with 33 manufacturing facilities in 16 countries around the world.
The document solutions side of Kyocera's business recently entered the Australian market and exhibited at PacPrint in June.
Kyocera is also a major manufacturer of advanced inkjet printheads used by many manufacturers of label, cut-sheet, packaging and wide format printers.
