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July 29, 2014
07:33 EDTVSHVishay reports Q2 adjusted EPS 27c, consensus 25c
Reports Q2 revenue $641.9M, consensus $644.50M.
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August 4, 2015
07:45 EDTVSHVishay sees Q3 $560M-$600M, consensus $607.76M
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07:43 EDTVSHVishay reports Q2 adjusted EPS 20c, consensus 23c
Reports Q2 revenue $590.5M, consensus $610.4M.
August 3, 2015
16:29 EDTVSHVishay announces $35M cost reduction program, to close Zwolle, Netherlands plant
Vishay announced global cost reduction programs as part of its continuous efforts to improve efficiency and operating performance. The programs include a plan to reduce SG&A costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. The programs in total are expected to lower costs by approximately $35M annually when fully implemented, at expected cash costs of approximately $30M. The implementation of these programs will not impact planned research and development activities, or the company’s growth initiatives in Asian markets. The company expects to reduce SG&A costs by approximately $17M annually. These SG&A cost reductions should be fully achieved by the end of 2016. The company will first solicit volunteers to accept a voluntary separation/early retirement offer. The voluntary separation benefits vary by country and job classification, but generally offer a cash loyalty bonus. Additional involuntary terminations will likely be necessary to achieve the cost reduction targets. The targeted plans to streamline and consolidate production of certain product lines are expected to decrease costs of products sold by approximately $18M annually. These plans include the Zwolle, Netherlands aluminum capacitors facility closure announced on June 30. Except for the Zwolle facility, no other facility closures are currently expected pursuant to these programs. These production transfers will be completed in steps by the end of 2017. These newly announced programs do not alter or expand the MOSFETs Enhanced Competitiveness Program, announced in 2013 and currently being implemented by the company.

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