The company is committed to carry out all other already- approved investments in Israel. Establishment of the company's factory in Beer Sheva hasn't been approved yet.
US company Vishay Intertechnology’s board of directors has decided finally not to construct an electronic components plant in Ofikim. The company made the decision due to a prolonged delay in obtaining approval for the project from the management of the Investment Center.
Vishay Israel representative, Avraham Inbar, announced the board’s decision today to Investment Center Director David Baruch, noting that the decision made by the parent company’s board of directors was final.
According to the decision, the plant will be established in the Czech Republic.
According to Inbar, all other investment plans by Vishay Israel, approved in the past by the Investment Center, are and will continue to be carried out.The management of Vishay Israel confirmed that the decision had been made in the US but refused to divulge further information.
As “Globes” reported for the first time three weeks ago, the management of Vishay Israel at that time decided to reappraise its decision to establish a new plant in Ofakim, at an investment of $50 million. This, due to a delay of more than eight months in obtaining approval for the investment plan by the Investment Center. Vishay CEO Felix Zandman warned at that time that if approval from the Investment Center wasn’t forthcoming, he would construct the plant in the Czech Republic.