VISHAY INTERTECHNOLOGY INC (VSH)

Vishay Intertechnology, Inc. manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components. Its products are used in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. The company was founded in 1962 by Dr. Felix Zandman to develop and manufacture Bulk Metal foil resistors, and it was incorporated in Delaware that year. It has grown both organically and through acquisitions, with passive component acquisitions beginning in 1985 and semiconductor acquisitions beginning in the late 1990s. Its strategy centers on customer service, R&D-driven new products, strategic acquisitions, and cost management.

Vishay reports its products in two classes. Semiconductors are divided into three segments: MOSFETs (low-, medium- and high-voltage devices, power ICs, and silicon and silicon carbide technology added with the October 2022 acquisition of MaxPower Semiconductor); Diodes (rectifiers, small signal diodes, protection diodes, thyristors/SCRs, and power modules); and Optoelectronic Components (infrared emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, LEDs, displays, and IR data transceivers). Passive components are divided into Resistors, Inductors, and Capacitors. Capacitors include tantalum, ceramic, film, power, heavy-current, and aluminum electrolytic types. Brands include Siliconix, Dale, Draloric, Beyschlag, Sfernice, IHLP, Sprague, Vitramon, Roederstein, and BCcomponents. By revenue, commodity products make up about 35% to 40%, non-commodity products about 40% to 45%, and custom products about 20% to 25%. About 25% of annual revenues come from products developed in the previous five years.

Vishay's components are used by virtually all major electronic product manufacturers worldwide, in products ranging from automobiles and airplanes to power grids, phones, and pacemakers. Applications cited include factory automation, vehicle electrification, 5G infrastructure, solar inverters, and the Internet of Things. The company sells through direct sales, field application engineers, and distribution channels. It maintains application and product support centers near customers and is expanding its technical field sales force in Asia. It expects higher growth over the next few years, driven by accelerating electrification.

Vishay maintains significant production facilities in the regions where it markets most of its products and has R&D personnel at a number of production facilities. Its production depends on a complex global supply chain of vendors, manufacturing facilities, third-party contractors, shipping partners, and distributors. The business is highly competitive worldwide, with low transportation costs and few import barriers, and some major competitors are larger than Vishay. The company relies on patents and proprietary technology. Its principal executive offices are at 63 Lancaster Avenue, Malvern, Pennsylvania.