MALVERN, Pa.--(EON: Enhanced Online News)--Vishay Intertechnology, (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced the acquisition of HiRel Systems LLC, a leading supplier of high reliability transformers, inductors, coils, and power conversion products. The purchase price was approximately $85 million, including repayment of HiRel debt, and subject to customary post-closing adjustments.
“The HiRel Systems product and technology portfolio will further enhance our inductors portfolio, particularly in the field of custom magnetics for medical, military, aerospace and aviation, and applications in the industrial and commercial field such as renewable energy and test and measurement equipment.”
By welcoming HiRel Systems into the Vishay family, we are substantially expanding and strengthening our specialty magnetic product business.
“We are pleased to welcome HiRel into the Vishay family,” said Marc Zandman, Vishay’s Executive Chairman and Chief Business Development Officer. “The HiRel Systems product and technology portfolio will further enhance our inductors portfolio, particularly in the field of custom magnetics for medical, military, aerospace and aviation, and applications in the industrial and commercial field such as renewable energy and test and measurement equipment.”
“In the Company’s announced growth plan,” stated Dr. Gerald Paul, Vishay’s President and Chief Executive Officer, “we indicated that niche acquisitions would supplement intensified internal growth. Our acquisition of HiRel Systems fits well into this strategy, strengthening our product offering in the high reliability inductor and transformer business.”
Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay’s product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at http://www.vishay.com.
Certain statements contained herein are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as believe, estimate, will be, will, would, expect, anticipate, plan, project, intend, could, should, or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions, particularly the pace and continuation of recovery in the worldwide economy; difficulties in implementing our cost reduction strategies; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.