Vishay Intertechnology, Inc., a manufacturer of discrete semiconductors and passive components, announced that it is implementing restructuring actions designed to optimize its manufacturing footprint and streamline business decision making as it executes the Vishay 3.0 growth strategy.
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The restructuring actions will be implemented in phases and include:
Vishay expects to incur pre-tax cash charges of approximately $38 million to $42 million, primarily related to severance costs, as a result of these programs, mostly in Q3 2024. Once the program is fully implemented by the end of 2026, Vishay expects to realize annualized cost savings of at least $23 million of which approximately $12 million is expected to be in selling, general and administration expenses.
The company also expects to realize immediate annualized cost savings of approximately $9 million. Beginning Q1 2025, Vishay expects to realize approximately $12 million in annualized cost savings.
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