Vishay offers worker buyouts
Vishay Intertechnology Inc. plans to spend $13 million to reduce its global workforce by offering voluntary buyout packages to some employees, the Malvern-based semiconductor manufacturer said Monday, the day before it releases its third quarter earnings.
The company employs 21,520 worldwide, with 93, mostly corporate and administrative, in Malvern, which will not be affected much, said Peter G. Henrici, senior vice president.
The buyouts and other changes will yield savings of $36 million a year starting in 2016, Vishay said.
Other changes include shifting certain manufacturing operations to outside vendors. Henrici said "there's no magic number" of employees who will be leaving - the final result will depend on the salaries of workers who are offered and accept the buyout.
Corporate executives and the research and engineering staff will be exempt. - Jane M. Von Bergen