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.
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.