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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 21, 2003
Vishay Intertechnology, Inc.
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Delaware 1-7416 38-1686453
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(State or other (Commission File (IRS Employer
jurisdiction Number) Identification No.)
of incorporation)
63 Lincoln Highway, Malvern, Pennsylvania 19355-2120
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 644-1300
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On January 21, 2003, Vishay Intertechnology, Inc. announced that its
results for 2002 will reflect a write-down of its current inventory of tantalum
powder and wire and an accrual for its commitments under contracts for the
supply of tantalum, in the range of $130 million to $150 million before taxes. A
copy of the press release issued by Vishay is attached as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No. Description
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99.1 Press release dated January 21, 2003.
SIGNATURES
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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 thereunto duly authorized.
VISHAY INTERTECHNOLOGY, INC.
By /s/ Avi D. Eden
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Avi D. Eden
Executive Vice President and
General Counsel
Date: January 23, 2003
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release dated January 21, 2003.
Exhibit 99.1
NEWS RELEASE
Contact: Richard N. Grubb, Executive
Vice President and Chief Financial
Officer or Robert A. Freece
Senior Vice President
610/644-1300
FOR IMMEDIATE RELEASE
VISHAY ANNOUNCES $130-$150 MILLION PRE TAX CHARGE FOR
TANTALUM INVENTORY AND CONTRACTS
MALVERN, PENNSYLVANIA - January 21, 2003 - Vishay Intertechnology, Inc.
(NYSE:VSH) announced today that its results for 2002 will reflect a write-down
of its current inventory of tantalum powder and wire and an accrual for its
commitments under contracts for the supply of tantalum by Cabot Corporation that
are for prices in excess of market. The non-cash charge will be in the range of
$130 million to $150 million before taxes. Vishay's action reflects weak product
demand for tantalum that is below 1999 levels and increased tantalum production
capacity, which together have resulted in substantial worldwide capacity
under-utilization and severely depressed pricing for this commodity. In June
2002, Vishay agreed with Cabot to amend two agreements for the supply of
tantalum powder and wire. The parties agreed to reduce volumes, and starting in
2003, prices of tantalum products under the agreements and to extend the
longer-term agreement by one year through 2006.
Vishay, a Fortune 1,000 Company listed on the NYSE, is one of the world's
largest manufacturers of discrete semiconductors (diodes, rectifiers,
transistors, optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers). The Company's
components can be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern, Pennsylvania, and has
plants in sixteen countries employing over 25,000 people. Vishay can be found on
the Internet at http://www.vishay.com.
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