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Vishay Intertechnology, Inc. announced the appointment of Mr. John Malvisi to its Board of Directors and its Audit Committee.
Mr. Malvisi retired in 2021 as a senior partner in Deloitte & Touche LLP’s audit practice with more than 35 years of client service experience. During his career, Mr. Malvisi has managed several of Deloitte’s largest audit clients in the media & entertainment, and consumer products industries. He also spent several years in the firm’s Merger & Acquisition Services Group and National Office.
Mr. Malvisi worked in Deloitte’s National Office Assurance Insights & Analysis Group and Accounting Research Group, where his responsibilities included quality and risk control and consultation on a wide range of accounting and financial reporting issues. He is a graduate of Fordham University, where he received an MBA in public accounting. Mr. Malvisi also served on the Board of Trustees for Catholic Charities of the Archdiocese of New York from 2008 through 2022, including its Audit Committee.
Marc Zandman, Executive Chairman of the Board, said of the appointment, “John’s extensive experience and leadership in the accounting and auditing profession, as well as his M&A background and experience in corporate governance matters, bring important perspectives to the Board of Directors. We welcome him to the Board and look forward to his contributions, expertise and insights to Vishay’s strategic direction and growth plans.”
Original – Vishay Intertechnology
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Vishay Intertechnology announced results for the fiscal third quarter ended September 30, 2023.
Highlights
- 3Q 2023 revenues of $853.7 million
- 3Q 2023 EPS of $0.47; adjusted EPS of $0.60
- 3Q 2023 book-to-bill of 0.63
- Backlog at quarter end was 5.5 months
- Returned a total of $31.1 million to stockholders
“During the third quarter, as expected, revenue decreased from the second quarter on inventory adjustments by our distribution and EMS customers in response to softened demand in industrial markets and contracting lead times. Nevertheless, we once again intentionally increased inventory with our distribution partners as we continued to execute our strategy of broadening our participation in this higher margin channel.
The capacity readiness activities we have underway are increasing our value to the distribution channel and reliably supporting our accelerating design activities related to the megatrends of e-mobility, sustainability and connectivity,” said Joel Smejkal, President and Chief Executive Officer. “In addition, as announced separately today, we have signed a purchase agreement to acquire Newport wafer fab which will accelerate our plan to scale manufacturing and advance the technology differentiation of our silicon carbide MOSFETs.”
4Q 2023 Outlook
For the fourth quarter of 2023, management expects revenues in the range of $770 million and $810 million and a gross profit margin in the range of 25.5% +/- 50 basis points.
Original – Vishay Intertechnology
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Vishay Intertechnology, Inc. announced that it has been honored by DENSO Corporation, a leading mobility supplier, with a 2022 Collaboration Award.
The 2022 Collaboration Awards recognize suppliers that have continued to provide DENSO with key components that keep production lines moving for the company and its customers, despite the tight supply market. Previously this year, Vishay was also recognized by DENSO with a 2022 North America Business Partner of the Year Award in the Quality Leader category.
“Vishay has demonstrated a strong commitment to supporting DENSO on both a working and management level,” said Kouji Arima, CEO of DENSO. “We sincerely appreciate the company’s unsparing efforts and contributions, and know we can count on them regardless of the market situation. We look forward to building an even stronger partnership with Vishay as we continue working together.”
“We are deeply honored to receive this acknowledgment from DENSO of our unwavering support during challenging market conditions,” said Joel Smejkal, President and CEO at Vishay. “This recognition underscores our commitment to operational excellence and the strength of our partnership with the company. We look forward to building on this level of collaboration to grow together in the coming years.”
Original – Vishay Intertechnology