Vishay Intertechnology, Inc. (NYSE:VSH) announced Vishay’s intent to sell the Automotive Modules and Subsystems Business Unit (ASBU) recently acquired from International Rectifier as part of the Power Control Systems (PCS) business. Dr. Felix Zandman, Executive Chairman of the Board and Chief Business Development Officer and Dr. Gerald Paul, President and Chief Executive Officer of Vishay Intertechnology, Inc., stated that after considerable evaluation both before and after the closing of the acquisition it was concluded that the ASBU business would not satisfactorily complement Vishay’s operations.
Vishay had previously estimated that the entire PCS business in 2008 would have annual sales of $320 million. Without ASBU, annual sales for the remaining PCS business are now estimated to be $240 million. The reduction of the annual earnings estimates due this divestiture is projected to be $4 to $6 million.
An active program to locate a buyer has been initiated.
Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH), is one of the world’s largest manufacturers of discrete semiconductors (diodes, rectifiers, transistors, and optoelectronics and selected ICs) and passive electronic components (resistors, capacitors, inductors, sensors, and transducers). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, and medical markets. Its product innovations, successful acquisition strategy, and ability to provide “one-stop shop” service have made Vishay a global industry leader.