Vishay Intertechnology Files 8-K on Exit Costs
Ticker: VSH · Form: 8-K · Filed: Sep 24, 2024 · CIK: 103730
| Field | Detail |
|---|---|
| Company | Vishay Intertechnology Inc (VSH) |
| Form Type | 8-K |
| Filed Date | Sep 24, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.10, $38, $42 m, $23 million, $12 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, financial-reporting
TL;DR
Vishay 8-K filed: Exit/disposal costs and financials. Details TBD.
AI Summary
Vishay Intertechnology, Inc. filed an 8-K on September 24, 2024, reporting on "Cost Associated with Exit or Disposal Activities" and "Financial Statements and Exhibits." The filing does not contain specific dollar amounts or details regarding the nature of these activities.
Why It Matters
This filing indicates potential restructuring or disposal activities by Vishay Intertechnology, which could impact future financial performance and operational focus.
Risk Assessment
Risk Level: low — The filing is procedural and does not disclose specific financial risks or material events at this time.
Key Players & Entities
- Vishay Intertechnology, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of Incorporation
- Malvern, PA (location) — Principal Executive Offices
FAQ
What specific costs are associated with the exit or disposal activities reported?
The filing does not specify the dollar amounts or nature of the costs associated with exit or disposal activities.
When did the earliest event reported in this 8-K occur?
The earliest event reported in this 8-K occurred on September 24, 2024.
What is the Standard Industrial Classification code for Vishay Intertechnology, Inc.?
The Standard Industrial Classification code for Vishay Intertechnology, Inc. is 3670 (Electronic Components & Accessories).
What is the fiscal year end for Vishay Intertechnology, Inc.?
The fiscal year end for Vishay Intertechnology, Inc. is December 31.
What are the two main items reported in this 8-K filing?
The two main items reported are 'Cost Associated with Exit or Disposal Activities' and 'Financial Statements and Exhibits'.
Filing Stats: 781 words · 3 min read · ~3 pages · Grade level 12.3 · Accepted 2024-09-24 07:16:22
Key Financial Figures
- $0.10 — ich registered Common stock, par value $0.10 per share VSH New York Stock Exchan
- $38 — r pre-tax cash charges of approximately $38 to $42 million, primarily related to se
- $42 m — ax cash charges of approximately $38 to $42 million, primarily related to severance c
- $23 million — ize annualized cost savings of at least $23 million of which approximately $12 million is e
- $12 million — east $23 million of which approximately $12 million is expected to be in selling, general a
- $9 million — nnualized cost savings of approximately $9 million. Beginning 1Q 2025, the Company expects
Filing Documents
- form8-k.htm (8-K) — 38KB
- exhibit99-1.htm (EX-99.1) — 13KB
- 0000103730-24-000110.txt ( ) — 189KB
- vsh-20240924.xsd (EX-101.SCH) — 4KB
- vsh-20240924_lab.xml (EX-101.LAB) — 21KB
- vsh-20240924_pre.xml (EX-101.PRE) — 16KB
- form8-k_htm.xml (XML) — 4KB
05 – Costs Associated with Exit or Disposal Activities
Item 2.05 – Costs Associated with Exit or Disposal Activities On September 24, 2024, Vishay Intertechnology, Inc. ("Vishay" or the "Company") announced that it is implementing restructuring actions designed to optimize the Company's manufacturing footprint and streamline business decision making as it executes its Vishay 3.0 growth strategy. The restructuring actions will be implemented in phases and include: Selling, general, and administrative functions will be streamlined beginning immediately and through 4Q 2025, resulting in severance payments to approximately 170 employees, or 6% of the SG&A workforce. The closure of three manufacturing facilities. A Diodes segment back-end facility in Shanghai, China is expected to be closed by the end of 2026 with production transfers completed in phases beginning 4Q 2025. In addition, two small facilities in the Resistors segment in Fichtelberg, Germany, and in Milwaukee, Wisconsin, are expected to be closed in 2026. As a result of these facility closures, Vishay will reduce its direct labor by approximately 365 employees, or 2% of its total manufacturing labor workforce. Various changes in manufacturing operations and production transfers, which will result in severance payments to an additional approximately 260 employees. The Company expects to incur pre-tax cash charges of approximately $38 to $42 million, primarily related to severance costs, as a result of these programs, mostly in 3Q 2024. Once the program is fully implemented by the end of 2026, Vishay expects to realize annualized cost savings of at least $23 million of which approximately $12 million is expected to be in selling, general and administration expenses. The Company expects to realize immediate annualized cost savings of approximately $9 million. Beginning 1Q 2025, the Company expects to realize approximately $12 million in annualized cost savings. The estimates of expenses the Company expects to incur in connection with the restructuring action
01 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release dated September 24, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 24, 2024 VISHAY INTERTECHNOLOGY, INC. By: /s/ David L. Tomlinson Name: David L. Tomlinson Title: Senior Vice President – Chief Accounting Officer