Vishay Intertechnology Announces Acquisition of Applied Thin-Film Products
MALVERN, Pa., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components,
today announced the acquisition of the worldwide business and substantially all of the U.S. assets of Applied Thin-Film Products, a California-based, privately-held manufacturer of custom,
build-to-print thin film substrates for the microwave, fiber optic, and life science industries. Concurrently, a Chinese subsidiary of Applied Thin-Film Products entered into an agreement to
sell certain property and equipment to a subsidiary of Vishay at a later date. The total acquisition price is approximately $26.5 million, subject to customary post-closing adjustments.
“I am pleased to welcome Applied Thin-Film Products to the Vishay family,” said Marc Zandman, Vishay Intertechnology’s Executive Chairman and Chief Business Development Officer. “The acquisition of the business brings with it products and technologies that significantly enhance and strengthen our thin film products portfolio, especially for thin film circuits and interconnect products.”
“Vishay Intertechnology’s Growth Plan includes niche acquisitions of companies and businesses that complement our existing product portfolio and strengthen our competitiveness,” said Dr. Gerald Paul, Vishay Intertechnology’s President and Chief Executive Officer. “Our acquisition of Applied Thin-Film Products complements well our existing thin film business. It is another step in our strategy to grow Vishay’s specialty businesses.”
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.
Statements contained herein that relate to the Company's future performance, including statements with respect to future acquisitions, product demand, anticipated areas of growth, market segment performance, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should,” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; manufacturing or supply chain interruptions or changes in customer demand because of COVID-19; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The DNA of tech is a trademark of Vishay Intertechnology.
Vishay Intertechnology, Inc.
Senior Vice President, Corporate Communications
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