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May 21, 2014
08:36 EDTVSHVishay announces voluntary U.S. pension lump sum opportunity
Vishay Intertechnology will offer a special limited-time voluntary lump sum payment opportunity to certain former employees who are deferred vested participants of the Vishay Retirement Plan, the company’s U.S. qualified pension plan, and who are not currently receiving periodic payments of their pension benefit. Vishay is making this voluntary offer to provide greater flexibility for eligible participants to manage their retirement savings and also to assist the Company’s overall management of its pension obligations. Vishay continues to seek methods to de-risk its pension exposures, especially given the frozen status of the U.S. plans and the current funded status. Such actions could result, for the short-term, in increased net periodic pension cost due to lower expected rates of return on plan assets and/or possible changes to recognize unamortized actuarial items if all or a portion of the obligations were to be settled. The accounting impacts of such actions will vary greatly depending on the number of plan participants who accept the lump sum settlement offer.
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September 9, 2014
08:36 EDTVSHVishay acquires 88.95% Taiwan-based Capella outstanding shares
Vishay announced that it has acquired 88.95% of the outstanding shares of Taiwan-based Capella Microsystems, pursuant to its previously announced tender offer. A total of 38,703,705 shares of Capella or 88.95% of outstanding shares were tendered and accepted by Vishay. The offer period expired on September 1. Pursuant to the terms of the tender offer, on September 9, Vishay paid NT$139 for each share tendered. The aggregate purchase price was approximately $180M. Vishay funded the acquisition mostly with cash on-hand, and borrowed $53M on its revolving credit facility to achieve future flexibility given the legal entity and financial structure utilized for the acquisition. It is estimated that, as of August 31, Capella had cash and cash equivalents of approximately $50M and no long-term debt. Capella will be included in Vishay’s consolidated financial statements for the period subsequent to acquisition, with the net earnings attributable to the 11.05% non-controlling interest excluded from net earnings attributable to Vishay stockholders until Vishay acquires the remaining outstanding shares of Capella. Capella is expected to contribute approximately $2M to Vishay’s revenues for Q3 . The earnings per share impact of the Capella acquisition on Q3 is not expected to be significant. The company will provide guidance on the expected contribution of Capella for the fourth quarter of 2014 during its regular Q3 earnings conference call. Annual amortization of identifiable intangible assets is expected to be in excess of $10M.

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