Vishay - 2016 Annual Report
Vishay » 2016 Annual Report » The Vishay Intertechnology 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. When Dr. Zandman passed away in 2011, he left a lasting legacy. His high standards and values are embedded in Vishay’s culture. They positively influence the ethical business practices implemented by Vishay personnel across the globe every day.

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.


Vishay has a strong track record of strategic acquisitions. These include Dale® Electronics, Draloric® Electronic, Sfernice, Sprague® Electric, Roederstein®, Vitramon®, BCcomponents®, the Semiconductor Business Group of TEMIC® (Telefunken and Siliconix), the infrared component business of Infineon Technologies, General Semiconductor®, selected product lines from International Rectifier®, Huntington Electric, HiRel Systems, MCB Industrie, Holy Stone Polytech, and Capella Microsystems.


Vishay discrete semiconductors and passive components are used today by virtually all major manufacturers of electronic products worldwide, in the industrial, automotive, consumer, telecommunications, military, aerospace, power supply, and medical markets. Vishay components are inside products and systems used every day, from automobiles to ultra-high-voltage transmission systems to smartphones to airplanes to pacemakers. In addition, Vishay has demonstrated an ability to customize components to meet specific customer needs.

Vishay is very well positioned to provide components for new macroeconomic growth drivers such as connectivity, mobility, and sustainability.

Vishay’s global footprint includes manufacturing plants in the Americas, Asia, Europe, and Israel, as well as sales offices worldwide. 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.


Vishay is focused on driving stockholder value. It is doing this through organic growth, supplemented by targeted acquisitions, a regular cash dividend program, and opportunistic stock buybacks, while at the same time maintaining a prudent capital structure. Vishay continues to be 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). Vishay has consistently generated in excess of $100 million in “free cash” in each of the past eleven years.