Vishay Intertechnology
Annual Report 2012

Plain-text annual report

Vishay Intertechnology, Inc. 20122012 ANNUAL REPORT Corporate Headquarters // 63 Lancaster Avenue Malvern, PA 19355-2120 // United States p: 610.644.1300 // f: 610.296.0657 © Copyright 2013 Vishay Intertechnology, Inc. ® Registered trademarks of Vishay Intertechnology, Inc., and other parties. All rights reserved. SALES by SEgmEnt, 2012 SALES by REgion, 2012 26% 20% 20% 28% 10% MoSFets DIoDeS 22% INFRAReD/oPto ReSIStoRS/INDUCtoRS CAPACItoRS 37% 37% AMeRICAS ASIA eURoPe SALES by EnD mARKEt, 2012 SALES by SALES ChAnnEL, 2012 7% 15% 4% 7% 7% 29% AUtoMotIVe 20% teLeCoMMUNICAtIoNS INDUStRIAL PoWeR SUPPLIeS MILItARY/AeRoSPACe 11% MeDICAL CoMPUtING CoNSUMeR 52% 42% DIStRIBUtIoN* 6% eMS oeM * Distribution includes Logistics Service Providers with 5% “I am committed to Vishay’s Growth Plan, the goal of which is to increase earnings per share to enhance stockholder value. Vishay’s focus is intensified organic growth and opportunistic acquisitions of niche businesses.” Marc Zandman Executive Chairman of the Board LEttER FRom thE ExECutivE ChAiRmAn In 2012, Vishay Intertechnology celebrated the fiftieth anniversary of its founding. the Company that began as a start-up fueled by Dr. Felix Zandman’s vision has grown to become one of the world’s largest manufacturers of discrete semiconductors and passive electronic components and a leader in the global electronics industry. Although many things have changed since 1962, electronics has remained an industry driven by new ideas, technologies, and market opportunities. Virtually every type of electronic device and system, from tablet computers to automotive systems to medical devices, uses types of electronic components manufactured by Vishay. Vishay remains committed to innovation. It is part of Vishay’s DNA, and helps the Company to meet changing market demands and remain an industry leader. I am committed to Vishay’s Growth Plan, the goal of which is to increase earnings per share to enhance stockholder value. Vishay’s focus is intensified organic growth and opportunistic acquisitions of niche businesses. In 2012, we demonstrated our commitment to enhancing stockholder value by implementing another stock buy-back program. LEttER FRom thE ChiEF ExECutivE oFFiCER Year 2012 was a rough year for Vishay and the electronics industry. economic fluctuations are a fact of life in our industry, and Vishay has experienced many upturns and downturns over the years. Yet the Company continued to demonstrate the double earnings power made possible by our major restructuring efforts during 2008 and 2009—our business model works. In 2012, Vishay generated “free cash” (the amount of cash generated from operations in excess of capital expenditures and net of proceeds from the sale of assets) of $147 million. Vishay has generated consistently in excess of $100 million “free cash” in each of the past seven years. Despite the challenges that Vishay and its competitors faced during 2012, Vishay continued to implement its Growth Plan. the Company is focused on driving stockholder value by increasing earnings per share through intensified organic growth, targeted acquisitions of niche businesses, and opportunistic stock buybacks, while at the same time maintaining a prudent capital structure. During 2012 we strengthened our R&D and design-in efforts. We expanded manufacturing capacities ahead of the demand curve for critical product lines such as high-voltage Super Junction MoSFets, trench and other diodes, surface-mount couplers and infrared receivers, high-current power inductors, specialty magnetics, power resistors, and power capacitors. We have increased our technical staff by 15% since December 2009 in order to better support timely product development and design-in efforts. We responded to market opportunities in Asia by enlarging our Vishay Intertechnology Also in 2012, Vishay acquired HiRel Systems, a leading supplier of high-reliability transformers, inductors, coils, and power conversion products. our HiRel business is performing very well. this acquisition will be followed by others, as Vishay targets companies whose products and customers will enable Vishay to enhance its “one-stop shop” service for complete discrete component solutions and increase market share. today Vishay, like its competitors, faces many challenges. However, I look forward with confidence. With our experienced management team, ongoing commitment to technological innovation, solid financial foundation, and very broad customer base, we are well prepared for the future. I thank Vishay’s employees, customers, vendors, strategic business partners, and stockholders. thank you for your dedication to the Company during 2012 and your role in its success. Marc Zandman executive Chairman of the Board technical sales force there by 25% to push design-in of our specialty products, primarily in local industrial markets. We added sales offices in northern China. And we did all this while reducing our overall selling, general, and administrative expenditures year over year. We have entered 2013 with confidence. I am certain that Vishay’s Growth Plan will continue to serve it well during the years to come. I sincerely thank Vishay’s employees, customers, vendors, strategic business partners, and stockholders for their support during 2012, and look forward to the future. Dr. Gerald Paul Chief executive officer 1 thE viShAy StoRy Dr. Felix Zandman, with a loan from his cousin Alfred P. Slaner, founded Vishay in 1962 to develop and manufacture Bulk Metal® foil resistors. the Company was named after Dr. Zandman’s ancestral village in Lithuania, in memory of family members who perished in the Holocaust. the Company’s initial product portfolio consisted of foil resistors and foil resistance strain gages. PASSivE ComPonEnt ACquiSitionS During the 1960s and 1970s, Vishay became known as the world’s leading manufacturer of foil resistors, PhotoStress® products, and strain gages. (these products later became part of Vishay Precision Group [NYSe: VPG], which was spun off as an independent, publicly-traded company in 2010 through a tax-free stock dividend to Vishay Intertechnology stockholders.) Vishay’s decision to grow through acquisitions proved very successful. Starting in 1985, Vishay acquired resistor companies Dale electronics (U.S.), Draloric electronic (Germany), and Sfernice (France). these acquisitions helped produce dramatic sales growth. In the early 1990s, Vishay applied its acquisition strategy to the capacitor market by purchasing Sprague electric (U.S.), Roederstein (Germany), and Vitramon (U.S.). In 2002, Vishay purchased BCcomponents, the former passive component businesses of Philips electronics (Netherlands) and Beyschlag (Germany). over the years, Vishay made several smaller passive components acquisitions. these include electro-Films, Cera- Mite, and Spectrol in 2000; tansitor and North American Capacitor Company (Mallory) in 2001; the thin film interconnect business of Aeroflex in 2004; Phoenix do Brasil in 2006; and the wet tantalum capacitor business of KeMet in 2008. Vishay restarted its acquisition program in 2011 with the purchase of the resistor businesses of Huntington electric, composed of Huntington, Milwaukee, Central, and Mills Resistors. In 2012, Vishay acquired HiRel Systems, a leading supplier of high-reliability transformers, inductors, coils, and power conversion products. ExPAnSion into SEmiConDuCtoRS In 1998, Vishay acquired the Semiconductor Business Group of teMIC, which included telefunken (Germany) and 80.4% of Siliconix (U.S.), producers of MoSFets, RF transistors, diodes, optoelectronic products, and power and analog switching integrated circuits. Vishay’s next semiconductor acquisition came in 2001, with the purchase of the infrared component business of Infineon technologies (Germany). that was followed the same year by the acquisition of General Semiconductor (U.S.), a leading global manufacturer of rectifiers and diodes. these 2001 acquisitions enhanced Vishay’s existing telefunken and Siliconix businesses and propelled Vishay into the top ranks of discrete semiconductor manufacturers. Vishay: high-voltage planar MoSFets and high-power diodes and thyristors. Vishay’s acquisition strategy now focuses on opportunistic small to mid-size acquisitions of niche businesses to supplement organic growth. gLobAL inDuStRy LEADER Vishay offers one of the industry’s broadest portfolios of electronic components. Its “one-stop shop” service for electronic components enables customers to streamline their design and purchasing processes by ordering multiple types of components from Vishay. In addition, Vishay has demonstrated an ability to customize components to meet specific customer needs. these benefits make Vishay a solutions provider and a valuable partner to customers. Vishay is very well positioned to provide components for new macroeconomic growth drivers such as connectivity, mobility, and sustainability. through its R&D, process engineering, and product marketing programs, it generates a steady stream of innovative components to help designers create new generations of end products. Vishay discrete semiconductors and passive components are used in virtually all types of electronic devices and equipment in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supply, and medical markets. Vishay’s global footprint includes manufacturing plants in the Americas, Asia, europe, and Israel, as well as sales offices worldwide. Vishay is a market and technology leader in several key product areas. Vishay’s technology innovations, acquisition strategy, focus on cost control, “one-stop shop” service to customers, and custom design capabilities have made it a global industry leader. DR. ZAnDmAn’S LEgACy When Dr. Felix Zandman, Vishay’s founder and executive Chairman of the Board, passed away in 2011, he left a lasting legacy. His high standards and values are embedded in Vishay’s culture. they influence the ethical business practices and actions implemented by Vishay personnel across the globe, every day. Marc Zandman, as executive Chairman of the Board, and Dr. Gerald Paul, as President and Ceo, are committed to building upon Dr. Zandman’s efforts and leading Vishay through its next phase of continued growth. DRiving StoCKhoLDER vALuE In 2005, Vishay purchased the remaining 19.6% of Siliconix shares. two years later, Vishay acquired selected discrete semiconductor and module product lines from International Rectifier. this acquisition added manufacturing plants in Italy, China, and India and provided products that were new to Vishay is focused on driving stockholder value by increasing earnings per share (ePS). It will do this through intensified organic growth, targeted acquisitions, and opportunistic stock buybacks, while at the same time maintaining a prudent capital structure. 2 Vishay Intertechnology Vishay has broad market penetration with a wide range of end markets, a balanced geographic footprint, and a good mix of sales channels. Vishay’s diverse customers include original equipment manufacturers (oeMs) of end products; distributors that sell to end customers at an international, regional, or local level; and electronic manufacturing services (eMS) companies that design and/or manufacture end products on an outsourcing basis. Vishay is a reliable generator of “free cash” (the amount of cash generated from operations in excess of capital expenditures and net of proceeds from the sale of assets). the Company is committed to remaining cash positive regardless of the level of sales. elements of its Growth Plan include accelerating development of new products and technologies, improving market penetration, expanding manufacturing capacities, increasing technical resources, and developing markets for specialty products in Asia. nEw PRoDuCt DEvELoPmEnt Important areas of new product development include MoSFets (high-voltage, mid-voltage, and low-voltage); integrated solutions with diodes, MoSFets, power ICs, and inductors; power modules with IGBts, diodes, MoSFets, and silicon- controlled rectifiers; rectifiers with miniaturized packages; high-power infrared emitters; multi-functional optical sensors; specialty power inductors; custom magnetics; high-power current sense resistors; automotive-qualified thick film resistors; specialty thin film resistors; and several types of capacitors, including models designed for industrial, automotive, and medical applications. DRiving StoCKhoLDER vALuE Vishay is focused on driving stockholder value by increasing ePS. It will do this through intensified organic growth, targeted acquisitions, and opportunistic stock buybacks, while at the same time maintaining a prudent capital structure. RECENT VISHAY AWARDS Electronic Products Product of the Year Award EDN Hot 100 Products EDN China Innovation Awards Electronic Products China top-10 Power Product Award Electronic Design Annual top 101 Components China Annual Creativity in electronics (ACe) Award China Electronic Market editors’ Choice Award Arrow electronics Silver-Level Perfect order Awards Mouser electronics Best in Class Award SPDeI (French association of distributors of electronic components) top Supplier Awards Vishay Intertechnology 3 DivERSE ComPonEntS SEMICONDUCTORS moSFEtS Metal-oxide-semiconductor field-effect transistors (MoSFets) function as solid-state switches to control power. For example, they turn off specific functions of smartphones when these functions are not in use, thereby extending battery life. they also help convert power into levels required by other components. Vishay offers low-voltage trenchFet® power MoSFets, medium-voltage power MoSFets, high- voltage planar MoSFets, high-voltage Super Junction MoSFets, and automotive-grade MoSFets that switch and manage power very efficiently. Vishay is a market and technology leader in low-voltage power MoSFets. intEgRAtED CiRCuitS (iCs) Integrated circuits combine the functions of multiple semiconductors and passive components on a single chip. IC products from Vishay are focused on analog signal switching and routing, power conversion, and power management. they are used in end products such as tablet, notebook, and desktop computers; smartphones; fixed telecommunications systems; and other products and systems. the Vishay IC portfolio includes power management and power control ICs, smart load switches, and analog switches and multiplexers. RECtiFiERS Rectifiers convert alternating current (AC) into direct current (DC), a unidirectional current required for operation of many electronic systems. For example, a bridge rectifier is used in a phone charger to change the AC voltage from a wall outlet to a specific DC voltage. Vishay rectifiers, including tMBS®, FReD Pt®, HeXFReD®, Superectifier®, eSMP®, and isoCink+™ devices, save space, reduce power losses, and improve efficiency in computing, telecommunications, and other areas. Vishay is a market and technology leader in power rectifiers. DioDES AnD thyRiStoRS Diodes and thyristors are semiconductor components that allow voltage to be conducted in only one direction. Most diodes are based on semiconductor p-n junctions; in thyristors there are four layers of p-n material creating three p-n junctions. Both types of devices are used in a wide range of electronic systems to route, switch, and block radio frequency (RF), analog, and power signals. the Vishay diodes portfolio includes a variety of devices, as well as products for transient voltage suppression (tVS), electrostatic discharge (eSD) protection, and electromagnetic interference (eMI) filtering. Discrete semiconductors (including rectifiers, diodes, MOSFETs, and optoelectronic components) typically perform the function of switching, amplifying, rectifying, or transmitting electrical signals. Semiconductors are referred to as “active” components because they require power to function. moDuLES Modules integrate multiple electronic components. this packaging provides an easy way to cool the devices and to connect them to outer circuitry, thus simplifying and optimizing designs. Vishay power modules include input modules (with diodes and thyristors), output and switching modules (with MoSFets, insulated-gate bipolar transistors [IGBts], and diodes), and custom modules. Vishay holds an important position in the rectifier modules (diode/thyristor) area. It is focused on power management, energy savings, green energy generation, and the development of application-specific modules. inFRARED oPtoELECtRoniCS optoelectronic components emit light, detect light, or do both. Vishay’s broad range of optoelectronic components includes infrared (IR) emitters and detectors, IR remote control receivers, optical sensors for detection, optocouplers and solid-state relays for circuit isolation, LeDs for light sources, 7-segment displays, IR data transceiver modules for wireless, two-way data transfer, and custom products. Vishay is a market and technology leader in infrared components. ® G e n IV Tre n c h F E T S F E T s O M SiP 3 2 4 5 8/SiP 3 2 4 5 9 w itc h e s L o a d S S ® B M 1 7 0 V T R e ctifiers e S M P ® Tra n sie nt V olta g e R e ctifiers a n d S erie s S u p pre s s ors Hig h-V olta g e E S erie s S F E T s O M N L 3 0 2 0 P ro xi m ity S e n s or V C 4 Vishay Intertechnology Vishay Intertechnology E Q S erie s V J H IF R C R F C a p a citors) L C ( M W 0 4 0 6 A T T hin Fil m C hip R e sistors C M Z -5 A IH L P -6 7 6 7 G Hig h- C urre nt In d u ctor W Passive components (resistors, capacitors, and inductors) do not require a power supply to handle the signals that pass through them. They are used to store electrical charges, to limit or resist electrical current, and to help in filtering, surge suppression, measurement, timing, and tuning applications. S 1 1 0 0 P o w er R e sistor T hic k Fil m L P S B M 8 5 1 8 P o w er M etal Strip ® B attery S h u nt R e sistor m T 1 6 W et T a ntalu C a p a citor PaSSIvE COMPONENTS RESiStoRS Resistors restrict current flow. Vishay manufactures many different types of resistive products, including single (discrete) resistors based on film, wirewound, Power Metal Strip®, and other technologies, as well as resistor networks and arrays, in which multiple resistors are combined in a single package. Vishay also manufactures battery management shunts, chip fuses, variable resistors (including potentiometers), and non-linear resistors (including thermistors, used for current protection and temperature sensing). Vishay is a market and technology leader in wirewound and other power resistors, leaded film resistors, and thin film surface-mount resistors. inDuCtoRS Inductors, a category of magnetics, use an internal magnetic field to change AC current phase and resist AC current. Inductor functions include controlling AC current and voltage and filtering out unwanted electrical signals. transformers, also a type of magnetics, are made up of two inductors on a common core of magnetic material. transformers increase or decrease AC voltage or AC currents. Vishay innovations include IHLP® power inductors, which outperform competing devices. Vishay is a market and technology leader in power inductors and custom magnetics. CAPACitoRS Capacitors store energy and discharge it when needed. Applications include power conversion, DC-linking, frequency conversion, bypass, decoupling, and filtering. types of capacitors manufactured by Vishay Intertechnology include tantalum (both solid and wet), ceramic (both multilayer chip and disc), film, power, heavy-current, and aluminum. Vishay is a market and technology leader in wet and conformal-coated tantalum capacitors, as well as capacitors for power electronics. Vishay is also one of the largest manufacturers of molded tantalum surface-mount capacitors. Vishay Intertechnology 5 DivERSE mARKEtS Vishay Intertechnology customers are found in nearly every major market sector. Vishay components are used around the world for energy generation, manufacturing, communications, transportation, illumination, entertainment, cooking, heating and cooling, medical monitoring and treatment, defense, and more. Highlighted below are key major market sectors, applications, and Vishay components. inDuStRiAL miLitARy AnD AERoSPACE Vishay manufactures one of the industry’s broadest lines of military- qualified resistors and capacitors, as well as a number of inductors, diodes and rectifiers, MoSFets, and analog switches that meet the needs of military and aerospace customers. Vishay components are used in mission-critical applications in flight, cockpit, and cabin equipment in aircraft and helicopters; navigation and weather satellites; radar and sonar units; radio and satellite communications; guidance systems; and other military and aerospace equipment and systems. For example, airplane cockpit panels include MoSFets, Schottky rectifiers, thick film chip resistors, potentiometers, IHLP® power inductors, MICRotAN® tantalum capacitors, and other Vishay components. the industrial market includes electric power grids, power distribution systems, smart meters, wind and solar power systems, oil and gas exploration equipment, factory automation, heating and air conditioning systems, testing and measurement equipment, escalators and elevators, surveillance systems (including smoke, gas, and water detectors), lighting ballasts, power tools, welding equipment, and more. electronic components from Vishay help to manage and convert power, drive and control motors, sense temperature, and perform other tasks in industrial applications. Wind turbine systems, for example, include high-power semiconductor modules, high-voltage MoSFets, power ICs, diodes and rectifiers, optical isolators, shunt resistors, crowbar resistors, thermistors, inductors/electromagnetic interference (eMI) filters, and power capacitors. tELECommuniCAtionS Vishay components for handheld telecommunications devices support a number of functions including radio frequency modulation, audio and video recording and playback, charge control, DC/DC conversion, load control, and peripheral connectivity. Vishay provides a broad range of components for eMI filtering, line card protection, and other applications in transmission systems, base stations, access infrastructure, and customer premises equipment. Vishay components for telecommunications applications include MoSFets, power ICs, analog switches and multiplexers, diodes and rectifiers, several types of resistors including Power Metal Strip®, chip fuses, IHLP® power inductors, several types of capacitors, solid-state relays, and proximity and ambient light sensors. 6 Vishay Intertechnology mEDiCAL types of components manufactured by Vishay are used in medical implantable devices such as nerve stimulators, pacemakers, and defibrillators. they are used in patient monitoring systems and medical instrumentation including blood pressure cuffs, handheld blood glucose meters, X-ray machines, MRI systems, and CRt equipment. Vishay is a leading manufacturer of telemetry coils for pacemakers and defibrillators and transformers for defibrillators, as well as multilayer ceramic chip capacitors and tantalum capacitors for implantable devices and hearing aids. Vishay components for pacemakers include MICRotAN® tantalum chip capacitors, multilayer ceramic chip capacitors, MoSFets, thin film top- contact resistors, telemetry coils, and thick film resistors. Vishay provides close engineering support to medical customers. viShAy’S bLuE-ChiP CuStomERS AnD DiStRibutoRS Apple Arrow Avnet Bosch Celestica Cisco Compal Continental Dell Delphi Delta Digi-Key emerson ericsson Flextronics Foxconn Future General electric Hella Hewlett- Packard Honeywell Huawei IBM Jabil LG electronics Motorola Nintendo Nokia Nokia Siemens Networks Philips Power one Quanta Rutronik Samsung Sanmina-SCI Schneider Siemens Sony tomen tRW ttI Weikeng Western Digital Wistron WPG Yosun Zenitron Zte …and others ComPuting Vishay components in computers, from network servers to tablets, handle the high currents, fast transients, and excessive heat associated with rapid microprocessing speeds; manage power; filter out unwanted electrical signals; and perform other functions. Vishay components are included in embedded systems, solid-state discs, and switches and routers. In portable computing devices, they convert power, monitor power usage, extend battery life, enable short-range, two-way, wireless connectivity, and support other functions. they also are found in peripherals including printers, photocopiers, graphics cards, and wireless charging devices. electronic components in computer equipment include MoSFets, diodes and rectifiers, power ICs, infrared receiver modules, resistors, inductors, and capacitors. PowER SuPPLiES Adapters, converters, and uninterruptible power supplies (UPS) handle electric current from main power grids and batteries and adjust it for use by all types of devices — from small, portable products to large industrial equipment. Power supplies must meet various power quality, efficiency, energy saving, and safety regulations. their capabilities range from very low (milliwatts) to very high (kilowatts). Vishay components for power supplies include Super Junction MoSFets, tMBS® diodes, tandem diodes, and Hyperfast rectifiers for power factor correction; film and aluminum electrolytic capacitors for eMI suppression; and transient voltage suppressors for inrush protection; as well as trenchFet® MoSFets, power rectifiers, couplers, Power Metal Strip® current sense resistors, and IHLP® power inductors. ConSumER entertainment products (including tVs, e-book readers, game consoles, set-top boxes, and more), home appliances (including heating and cooling systems, washers and dryers, and other appliances), and other consumer products use types of components manufactured by Vishay. For example, LCD tVs contain electronic components for power conversion, analog/ digital signal switching, audio amplification, interface protection, infrared receiving, gesture recognition, eMI filtering, rectification, power factor correction, and other functions. these components include MoSFets, power ICs, analog switches, several types of diodes and rectifiers, optocouplers, infrared receivers, resistors, thermistors, inductors/eMI filters, aluminum electrolytic capacitors, and more. AutomotivE Very hot under-the-hood temperatures, cold weather, and vibration are just some of the stresses placed upon automotive components. Vishay components are used in a wide variety of automotive systems including engine control, exhaust, heating/ventilation/air conditioning (HVAC), steering, braking and safety, transmission, stop/start, lighting, infotainment, driver assistance systems, and navigation. In hybrid and fully electric vehicles they are used in main inverters, high-voltage bus systems, battery management, and energy recuperation systems. As an example of the key roles played by Vishay components in automobiles, electric power steering systems include customized MoSFet modules, optical sensors, Power Metal Strip® current sense resistors, IHLP® power inductors, and aluminum electrolytic boost capacitors. Vishay Intertechnology 7 PRoDuCt LiSt SEmiConDuCtoRS MOSFETs Segment MoSFets Low-Voltage trenchFet® Power MoSFets Medium-Voltage Power MoSFets High-Voltage Planar MoSFets High-Voltage Super Junction MoSFets Automotive-Grade MoSFets ICs Power Management and Power Control ICs Smart Load Switches Analog Switches and Multiplexers Diodes Segment Rectifiers Schottky Rectifiers Ultra-Fast Recovery Rectifiers Standard and Fast Recovery Rectifiers High-Power Rectifiers/Diodes Bridge Rectifiers Small-Signal Diodes Schottky and Switching Diodes Zener Diodes tuner/Capacitance Diodes Bandswitching Diodes RF PIN Diodes Protection Diodes tVS Diodes or tRANSZoRB® (unidirectional, bidirectional) eSD Protection Diodes (including arrays) thyristors/SCRs Phase-Control thyristors Fast thyristors Power Modules Input Modules (diodes and thyristors) output and Switching Modules (contain MoSFets, IGBts, and diodes) Custom Modules Optoelectronic Components Segment Infrared emitters and Detectors optical Sensors Infrared Remote Control Receivers optocouplers Phototransistor, Photodarlington Linear Phototriac High-Speed IGBt and MoSFet Driver Solid-State Relays LeDs and 7-Segment Displays Infrared Data transceiver Modules Custom Products PASSivE ComPonEntS Resistors and Inductors Segment Film Resistors Metal Film Resistors thin Film Resistors thick Film Resistors Power thick Film Resistors Metal oxide Film Resistors Carbon Film Resistors Wirewound Resistors Vitreous, Cemented, and Housed Resistors Braking and Neutral Grounding Resistors Custom Load Banks Power Metal Strip® Resistors Battery Management Shunts Chip Fuses Variable Resistors Cermet Variable Resistors Wirewound Variable Resistors Conductive Plastic Variable Resistors Contactless Potentiometers Networks/Arrays Non-Linear Resistors NtC thermistors PtC thermistors Varistors Magnetics Inductors transformers Coils Connectors Capacitors Segment tantalum Capacitors Molded Chip tantalum Capacitors Coated Chip tantalum Capacitors Solid through-Hole tantalum Capacitors Wet tantalum Capacitors Ceramic Capacitors Multilayer Chip Capacitors Disc Capacitors Film Capacitors Power Capacitors Heavy-Current Capacitors Aluminum Capacitors February 23, 2012 was the fiftieth anniversary of the founding of Vishay by Dr. Felix Zandman. While it has undergone many changes since 1962, the Company — like the industry in which it operates — continues to be driven by new ideas, technologies, and market opportunities. 8 Vishay Intertechnology CoRPoRAtE inFoRmAtion boARD oF DiRECtoRS Marc Zandman Executive Chairman of the Board Chief Business Development Officer Vishay Intertechnology, Inc. Dr. Abraham Ludomirski Founder and Managing Director of Vitalife Fund, a venture capital company specializing in high-tech electronic medical devices Frank D. Maier Retired Managing Director TEMIC GmbH Dr. Gerald Paul President Chief Executive Officer Vishay Intertechnology, Inc. Wayne M. Rogers Investor, specializing in small and mid-size acquisitions; stock commentator and analyst for Fox News Channel Ronald M. Ruzic Retired Group President BorgWarner Automotive, Inc. Ziv Shoshani President Chief Executive Officer Vishay Precision Group, Inc. thomas C. Wertheimer Accounting Consultant, previously partner of PricewaterhouseCoopers LLP Ruta Zandman Private Stockholder Vishay Intertechnology, Inc. honoRARy ExECutivE ChAiRmAn oF thE boARD Dr. Felix Zandman (Deceased June 4, 2011) CoRPoRAtE oFFiCE Vishay Intertechnology, Inc. 63 Lancaster Ave. Malvern, PA 19355-2120 USA Phone: 610-644-1300 Fax: 610-296-0657 www.vishay.com AnnuAL mEEting May 23, 2013 at 9:30 a.m. Vishay Intertechnology, Inc. Auditorium 63 Lancaster Avenue Malvern, PA 19355 Peter Henrici Senior Vice President Corporate Secretary David L. tomlinson Senior Vice President Corporate Controller David e. McConnell Vice President Corporate Treasurer CoRPoRAtE oFFiCERS Marc Zandman Executive Chairman of the Board Chief Business Development Officer Dr. Gerald Paul President Chief Executive Officer Lori Lipcaman Executive Vice President Chief Financial Officer Dieter Wunderlich Executive Vice President Chief Operating Officer Johan Vandoorn Executive Vice President Chief Technical Officer David Valletta Executive Vice President Worldwide Sales StoCKhoLDER ASSiStAnCE For information about stock transfers, address changes, account consolidation, registration changes, lost stock certificates, and Form 1099, contact the Company’s Transfer Agent and Registrar. transfer Agent and Registrar American Stock Transfer & Trust Company 59 Maiden Lane New York, NY 10038 Phone: 800-937-5449 Fax: 718-921-8331 Email: info@amstock.com For other information or questions, contact Investor Relations at (610) 644-1300. Common Stock Ticker symbol: VSH The common stock is listed and principally traded on the New York Stock Exchange. Duplicate Mailings If you receive more than one Annual Report and Proxy Statement and wish to help us reduce costs by discontinuing multiple mailings, contact our Transfer Agent American Stock Transfer & Trust Company. electronic Proxy Materials You can receive Vishay’s Annual Report and proxy materials electronically, which will give you immediate access to these materials, and will save the Company printing and mailing costs. If you are a registered holder (you own the stock in your name), and wish to receive your proxy materials electronically, go to www.icsdelivery.com/vsh. If you are a street holder (you own this stock through a bank or broker), please contact your broker and ask for electronic delivery of Vishay’s proxy materials. Vishay Intertechnology, Inc. Build Vishay into your Design Corporate Headquarters // 63 Lancaster Avenue Malvern, PA 19355-2120 // United States p: 610.644.1300 // f: 610.296.0657 © Copyright 2013 Vishay Intertechnology, Inc. ® Registered trademarks of Vishay Intertechnology, Inc., and other parties. All rights reserved. www.vishay.com VMN-AR2012-1303 

Continue reading text version or see original annual report in PDF format above