Kimball Electronics, Inc. Provides Update on Current Impact of COVID-19
March 26 2020 - 8:15AM
Kimball Electronics, Inc. (NASDAQ: KE), (the “Company”),
provides the following update on the current impact of the COVID-19
pandemic outbreak on the Company.
Our primary focus is on the well-being and safety of our
employees and doing our part to stop the spread of COVID-19. We
have taken steps to safeguard the health of our employees in our
facilities worldwide in accordance with recommended protocols
established by government authorities and country-specific,
federal, state, and local public health organizations, including
mandatory work-from-home for those whose responsibilities make it
possible. Our employees are also impacted by burdens imposed by
COVID-19, such as travel restrictions, limitations on public
gatherings, shelter in place orders, and mandatory closures of
schools and child-care facilities which impact the ability of
certain of our employees to report for work.
The Company has a diversified portfolio of markets, geographies,
and customers we serve, some of which will be impacted more
significantly than others. While we have experienced and are
expecting sales declines in certain product categories, we are
experiencing increasing demand in other product categories,
specifically for our medical assemblies, such as those related to
respiratory care.
“I cannot express enough my great gratitude for the direct link
our employees continue to play when it comes to making the
important products we provide to our customers,” says Chairman and
CEO, Don Charron. “We have customers whose products are essential
to the health and safety of people around the globe—in their
personal lives and at work. Supporting customers with their
specific needs is a good reminder of how important we are to the
value stream—and to people's health—especially during this
pandemic. I am proud of what we are doing as a company right
now.”
COVID-19 has disrupted the Company’s global operations since its
initial outbreak. While our facilities in China were initially
adversely impacted, they have now resumed normal operations. The
Company’s other non-U.S. operations in Poland, Romania, Thailand,
Vietnam, Japan, India, and Mexico are all affected to varying
degrees by government measures restricting the movement of citizens
and operation of businesses. In the U.S., our manufacturing
operations located in Jasper, Indiana, Indianapolis, Indiana, and
Tampa, Florida, will maintain normal operations, based on recent
federal, state, and local government mandates. This is because they
fall under the general exception criteria as “Essential Businesses”
due to our production and supply of medical assemblies critical to
a variety of respiratory care products and drug delivery devices.
We are working closely with our customers and suppliers to support
worldwide critical public health needs.
The Company cannot predict the duration or scope of the COVID-19
pandemic, therefore, the negative financial impact on results
cannot be reasonably estimated but could be material. The Company
will provide an update during our fiscal year third quarter 2020
earnings release conference call and webcast.
About Kimball Electronics, Inc.Kimball
Electronics is a multifaceted manufacturing solutions provider of
electronics and diversified contract manufacturing services to
customers around the world. From our operations in the United
States, China, India, Japan, Mexico, Poland, Romania, Thailand, and
Vietnam, our teams are proud to provide manufacturing services for
a variety of industries. Recognized for a reputation of excellence,
we are committed to a high-performance culture that values personal
and organizational commitment to quality, reliability, value,
speed, and ethical behavior. Kimball Electronics, Inc. (NASDAQ: KE)
is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit:
www.kimballelectronics.com.
Lasting relationships. Global
success.
CONTACT:Adam W. SmithTreasurerTelephone: 812.634.4000E-mail:
Investor.Relations@kimballelectronics.com
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