Vishay buy assets of CyOptics Israel

Dr. Felix Zandman, Chairman of the Board, Chief Technical and Business Development Officer, and Dr. Gerald Paul, President and Chief Executive Officer of Vishay Intertechnology, Inc. announced today that Vishay Israel Ltd. has signed a Letter of Intent regarding the acquisition of the assets of CyOptics Israel Ltd., the Israeli subsidiary of CyOptics, Inc. The purchase price would not be material to Vishay. The transaction is subject to satisfactory completion of due diligence by Vishay, approval by various Israeli government agencies, and other conditions that are customary for transactions of this type. CyOptics Israel Ltd. employs a team of senior design engineers for optical components in the field of advanced infrared technology and has a modern wafer fab in Yokneam, Israel, for the production of gallium arsenide and indium phosphide chips used for optoelectronics. Vishay has plans to develop new advanced products at this facility. CyOptics, Inc., the parent corporation of CyOptics Israel Ltd., recently acquired the optical business of TriQuint Semiconductor and is consolidating its production of Indium Phosphide lasers and detectors for broadband communication systems in its wafer fab located in Breinigsville, PA. Dr. Zandman commented, "The CyOptics Israel design team with its state-of-the-art wafer fab will provide the technological strength to place our existing optoelectronics division in the forefront of the gallium arsenide and indium phosphide technologies. The fab has been used for both R&D and production and can be adapted rapidly to the needs of Vishay. This acquisition is part of the ongoing effort to advance Vishay for future markets." Ed Coringrato, President and CEO of CyOptics, Inc., commented, "CyOptics is executing against its planned strategy of consolidating its InP wafer and chip production into the newly acquired TriQuint fab. We built a world-class fab in Yokneam, Israel. We are delighted that the fab will remain a strong asset for the Israeli economy."