MALVERN, Pa., Aug. 24, 2015 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE:VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, wishes to extend its heartfelt condolences to the Chinese people regarding the explosion, which occurred on August 12, 2015 in the port of Tianjin.
Vishay owns and operates a manufacturing facility in Tianjin, which provides back-end packaging for some of our Diodes product lines. The shockwave of the explosion resulted in some damage to the facility. This included broken windows and some minor damage to exterior walls. The incident also resulted in minor injuries to some of our employees and we are grateful that none of our employees were more seriously hurt.
Chinese officials have now indicated that the air quality in the area is acceptable, and Vishay expects to be able to bring the facility back into full production within the next few weeks, as it maintains its focus on quality. Even though there had been limited water damage to inventory, shipments from stock have already resumed and the Company anticipates to restart manufacturing of some product lines by end of next week.
At this time, Vishay is still assessing the damage with its insurance partners. Also, it is not yet possible to quantify the negative impact of this temporary production shutdown on the revenues of our diodes segment in the third quarter of 2015.
About Vishay
Vishay Intertechnology, Inc., a Fortune 1000 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 www.vishay.com.
Statements contained herein that relate to the Company’s future performance, including statements with respect to the timing of the resumption of full or partial manufacturing at the Company’s Tianjin facility, are forward-looking statements within the safe harbor provisions of 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: delays or difficulties in the Tianjin clean-up process, including site access restrictions imposed by the local government, general business and economic conditions; delays or difficulties in implementing our cost reduction strategies; changes in foreign currency exchange rates; 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.