VISHAY INTERTECHNOLOGY INC (VSH): restructuring charge — Vishay announces restructuring with $38-42M charges, targets $23M annual savings by 2026

VISHAY INTERTECHNOLOGY INC

Pre-tax cash charges of $38-42 million, primarily severance, expected mostly in 3Q 2024.
Workforce reduction of approximately 795 employees: 170 SG&A, 365 direct labor from facility closures, and 260 from manufacturing changes.
Closure of three facilities: Diodes back-end Shanghai, China by end of 2026; Resistors in Fichtelberg, Germany and Milwaukee, WI by 2026.
Annualized cost savings of at least $23 million once fully implemented by end 2026; immediate savings of $9 million, additional $12 million from Q1 2025.
Restructuring is part of Vishay 3.0 growth strategy to optimize manufacturing footprint and streamline decision making.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

VISHAY INTERTECHNOLOGY INC announced a restructuring with charges of approximately $38 to $42 million affecting SG&A functions, Diodes segment back-end facility in Shanghai, China; Resistors segment facilities in Fichtelberg, Germany and Milwaukee, Wisconsin; various manufacturing operations (severance payments to approximately 170 employees, or 6% of the SG&A workforce; reduce its direct labor by approximately).

Type: restructuring
Charge: approximately $38 to $42 million
Affected area: SG&A functions, Diodes segment back-end facility in Shanghai, China; Resistors segment facilities in Fichtelberg, Germany and Milwaukee, Wisconsin; various manufacturing operations
Headcount: severance payments to approximately 170 employees, or 6% of the SG&A workforce; reduce its direct labor by approximately

Exact text from the filing

production transfers, which will result in severance payments to an additional approximately 260 employees. The Company expects to incur pre-tax cash charges of approximately $38 to $42 million, primarily related to severance costs, as a result of these programs, mostly in 3Q 2024. Once the program is fully implemented by the end of 2026, Vishay expects

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Source: SEC EDGAR

accession 0000103730-24-000110

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