Active Stocks: AVX Corporation (NYSE: AVX) was one of the big gainers in yesterday’s trading session. This followed news that Japanese electronics giant Kyocera Corporation was looking to acquire it. At the moment, Kyocera owns 72% of the company, and news of it acquiring a further stake in the company saw AVX open Wednesday’s trading session with a huge gap up.
News of a potential buyout came days after the company announced the release of new high-temp glass-encapsulated varistors that can operate at over 150-degree centigrade. The new Varistors can also be used in a variety of harsh and high energy environments, especially in industrial applications. This new product is an addition to the growing range of solutions in AVX portfolio of products that are useful in harsh industrial conditions. According to the company’s product marketing manager, the latest VGAH series offers TVS protection and does not need energy derating for its range of operating temps. These temperatures usually range between -55 and 150 degrees centigrade.
These are not the only good news that the company has had in the month. Earlier on, the company announced that it had finalized on the acquisition of Chengdu Ok New Energy Limited. AVX announced that, after 4 years of working together with Chengdu Ok New Energy Limited the two companies could now vertically integrate under AVX. When making this announcement, AVX CEO stated that they looked forward to a prosperous relationship in the advancement of its products.
Looking at the chart, this stock is in a bullish breakout after yesterday’s gap up. The gap up happened on high volumes as they hit 7.89 million shares in the day.
About AVX Corporation
AVX Corporation is a manufacturer and distributor of electronic components and sensing devices among other products. It has its headquarters Fountain Inn, South Carolina.