Vishay Intertechnology (NYSE: VSH) announced yesterday that it had acquired General Semiconductor at the end of last week, and that it planned to relocate the acquired company's manufacturing activity to Israel.
US stock exchange-traded General Semiconductor's shareholders will receive 0.563 Vishay Intertechnology shares, or the equivalent of $10.74 for every General Semiconductor share, based on a price of $19.08 per Vishay share.
General Semiconductor manufactures chips, mostly for computers, automobiles, and communications. The company's sales last year in Europe, Asia, and North America totaled $494 million.
Vishay Intertechnology chairman and CEO Dr. Felix Zandman said the move ensured that Vishay would be among the world's leaders in the manufacture and supply of electronic components. He said the acquisition would enable the company to manufacture and develop new products. Zandman did not disclose any changes in staff at Vishay's plants in Israel, following the addition of part of General Semiconductor's manufacturing activity.
Vishay Intertech also announced it had acquired tantalum electrolytic capacitator company Mallory. Vishay Intertech did not disclose the amount it paid for the company. In 2000, Mallory's sales totaled $44 million.
Published by Israel's Business Arena on 19 November, 2001