Vishay Intertechnology Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 4 February 2026: press release. Guidance figures: 2 new. The quarter’s numbers.

Key takeaways

Revenue rose 1.3% sequentially: Fourth-quarter revenue was $800.9 million, against $790.6 million in the third quarter and $714.7 million a year earlier. Management attributed growth to industrial and AI-related power demand. Source
Full-year loss per diluted share: Full-year revenue was $3,069.0 million, against $2,937.6 million. Diluted loss per share was $(0.07), against $(0.23). Net loss attributable to Vishay stockholders was $(9.0) million. Source
Book-to-bill rose to 1.20: Book-to-bill was 1.20 for the quarter, against 0.97 in the third quarter. Semiconductors reported 1.27 and passive components 1.13. Source
Backlog lengthened to 4.9 months: Backlog at quarter end was 4.9 months, against 4.4 months at the end of the third quarter. Source
Newport weighed on gross margin: Gross margin was 19.6%, against 19.5% in the third quarter and 19.9% a year earlier. The release says Newport had a negative impact of about 130 basis points, against about 150 in the third quarter. Source
Free cash positive in fourth quarter: Fourth-quarter free cash was $54.9 million, against $(24.3) million in the third quarter. Full-year free cash was $(87.8) million, against $(143.4) million. Source

“Fourth quarter financial results capped a year of steadily improving performance.”
Joel Smejkal, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	first quarter of 2026	$800 million and $830 million	New
Gross profit margin Source	first quarter of 2026	19.9% +/- 50 basis points	New

What changed from last quarter

New guidance: Revenue guidance for the first quarter of 2026 is a range of $800 million to $830 million. The prior release gave a fourth-quarter range of $790 million plus or minus $20 million. Source
New guidance: Gross margin guidance for the first quarter of 2026 is 19.9% plus or minus 50 basis points, with a Newport drag of about 50 to 75 basis points. Source

Fourth quarter and full-year results

Revenue rose 1.3% sequentially: Fourth-quarter revenue was $800.9 million, against $790.6 million in the third quarter and $714.7 million a year earlier. Management attributed growth to industrial and AI-related power demand. Source
Full-year loss per diluted share: Full-year revenue was $3,069.0 million, against $2,937.6 million. Diluted loss per share was $(0.07), against $(0.23). Net loss attributable to Vishay stockholders was $(9.0) million. Source
Quarterly GAAP EPS of $0.01: Fourth-quarter GAAP diluted EPS was $0.01, against $(0.06) in the third quarter and $(0.49) a year earlier. Adjusted EPS was also $0.01 for the quarter. Source
Adjusted EBITDA margin declined: Fourth-quarter adjusted EBITDA was $70.3 million, an 8.8% margin, against $76.0 million and 9.6% in the third quarter. For the year, adjusted EBITDA was $264.2 million, an 8.6% margin, against 10.8%. Source

Demand and order book

Book-to-bill rose to 1.20: Book-to-bill was 1.20 for the quarter, against 0.97 in the third quarter. Semiconductors reported 1.27 and passive components 1.13. Source
Backlog lengthened to 4.9 months: Backlog at quarter end was 4.9 months, against 4.4 months at the end of the third quarter. Source
Lead times kept competitive: The third-quarter release described reliably meeting quick-turn delivery requirements while keeping lead times competitive. The fourth-quarter release says factories are being pushed to keep that position.
Inventories rose over the year: Total inventories were $759.2 million at year end, against $689.4 million a year earlier. Work in process and raw materials were both higher. Source

“Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20”
Joel Smejkal, president and CEO

Channels and end markets

Distribution led channel growth: Revenue grew in every sales channel in the fourth quarter, with distribution leading the growth. Source
Smart grid and AI power named earlier: The third-quarter release cited smart grid, AI-related power, automotive and aerospace/defense as high growth markets. The fourth-quarter release named industrial and AI-related power applications.
Discrete semiconductors and passives: The company describes itself as one of the world's largest makers of discrete semiconductors and passive electronic components, sold into automotive, industrial, computing and other markets. Source

Costs, margins and Newport

Newport weighed on gross margin: Gross margin was 19.6%, against 19.5% in the third quarter and 19.9% a year earlier. The release says Newport had a negative impact of about 130 basis points, against about 150 in the third quarter. Source
Full-year gross margin fell: Full-year gross margin was 19.4%, against 21.3%. Full-year gross profit was $594.9 million, against $626.3 million. Source
Quarterly SG&A increased: Fourth-quarter SG&A was $142.0 million, against $134.7 million in the third quarter and $132.3 million a year earlier. Source
Interest expense rose for the year: Full-year interest expense was $38.7 million, against $27.5 million. Total other income (expense), net, was $(31.4) million, against $(8.0) million. Source
Inventory write-offs eased slightly: Inventory write-offs for obsolescence were $35.0 million for the year, against $37.2 million. The 2024 year included a $66.5 million goodwill impairment; none is shown for 2025. Source

Capital, cash and shareholder returns

Capital spending rose in quarter: Fourth-quarter capital expenditures were $94.8 million, against $52.3 million in the third quarter. Full-year capital expenditures were $273.3 million, against $320.1 million. Source
Free cash positive in fourth quarter: Fourth-quarter free cash was $54.9 million, against $(24.3) million in the third quarter. Full-year free cash was $(87.8) million, against $(143.4) million. Source
Cash declined over the year: Cash and cash equivalents were $515.0 million at year end, against $590.3 million. Long-term debt less current portion was $950.9 million, against $905.0 million. Source
Dividend held at $0.10 quarterly: Cash dividends were $0.10 per share each quarter and $0.40 for the year, unchanged from 2024. Repurchases of common stock were $12.5 million for the year, against $50.4 million. Source

Strategy, capacity and investment

Three strategic goals stated: Management said it will push to advance its strategy to accelerate revenue growth, elevate profitability and enhance return on capital. Source
Capacity investment described: The third-quarter release said investments in capacity expansion over the past three years enable Vishay to capitalize on market upcycles.
Construction in progress increased: Machinery and equipment at cost was $3,477.9 million at year end, against $3,259.2 million. Construction in progress was $464.5 million, against $367.6 million. Source

Prior-year items and adjusted measures

Contingency benefit lowered SG&A: SG&A included an $11.3 million benefit from the favorable resolution of a contingency, recorded in the second quarter and excluded from adjusted earnings. Source
Tax law change excluded from adjusted: A $13.7 million reconciling item for changes in tax laws and regulations, recorded in the third quarter, is excluded from adjusted earnings. Source
Full-year adjusted EPS negative: Full-year adjusted EPS was $(0.05), against $0.48 in 2024, after excluding the contingency benefit and the tax reconciling item. Source

Coming up, as management said on 4 February 2026

First-quarter revenue range: Management expects first-quarter 2026 revenue in a range of $800 million to $830 million. Source
First-quarter margin and Newport drag: Management expects first-quarter 2026 gross margin of 19.9% plus or minus 50 basis points, with Newport reducing it by about 50 to 75 basis points. Source

Figures management reported

Figure	Reported
Book-to-bill, total company (fourth quarter 2025) Source	1.20
Book-to-bill, semiconductors Source	1.27
Book-to-bill, passive components Source	1.13
Backlog Source	4.9 months
Gross margin (fourth quarter 2025) Source	19.6%

Risks management discussed

Operational: Management said Newport is expected to reduce first-quarter 2026 gross margin by about 50 to 75 basis points. Source
Operational: Management said it will push its factories to keep lead times competitive, which is an ongoing pressure on production. Source

Earlier plans management reported on

Not stated: The prior release set a fourth-quarter revenue range. The current release reports $800.9 million without comparing it to that range.
Not stated: The prior release estimated a fourth-quarter Newport drag of 150 to 175 basis points. The current release reports about 130 basis points.
Not stated: The prior release described capacity investments made over the past three years and their use in capturing upcycles. No status was given.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Vishay Intertechnology Reports Fourth Quarter and Full Year 2025 Results

Malvern, PA, February 4, 2026 - Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal fourth quarter and year ended December 31, 2025.

Highlights

4Q 2025 revenues of $800.9 million
Gross margin was 19.6% and included the negative impact of approximately 130 basis points related to Newport
4Q 2025 GAAP EPS of $0.01
4Q 2025 book-to-bill of 1.20 with book-to-bill of 1.27 for semiconductors and 1.13 for passive components
Backlog at quarter end was 4.9 months

"Fourth quarter financial results capped a year of steadily improving performance. Revenue was 1.3% higher than the third quarter, reflecting growing demand for a broad range of industrial and AI-related power applications, with growth in each channel, led by distribution. Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20,” said Joel Smejkal, president and CEO. ”As a result, we enter 2026 ready to take off as we push our factories to maintain competitive lead times and win our customers’ trust, push to outperform the market and push to advance our strategy to accelerate revenue growth, elevate profitability and enhance our return on capital.”

1Q 2026 Outlook

For the first quarter of 2026, management expects revenues in the range of $800 million and $830 million and a gross profit margin in the range of 19.9% +/- 50 basis points, including the negative impact of approximately 50 to 75 basis points related to Newport.

Conference Call

A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register at VSH 4Q25 Earnings Call. Upon registering, you will be emailed a dial-in number, and unique PIN.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.

About Vishay

Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech.® Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Forward-looking statements notice

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, return on capital investment, capacity expansion, product lead times, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “push” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech® is a trademark of Vishay Intertechnology.

	Years ended
	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
Net revenues	$3,069,048	$2,937,587
Costs of products sold	2,474,165	2,311,295
Gross profit	594,883	626,292
Gross margin	19.4%	21.3%
Selling, general, and administrative expenses*	538,015	513,564
Restructuring and severance costs	-	40,614
Impairment of goodwill	-	66,487
Operating income	56,868	5,627
Operating margin	1.9%	0.2%
Other income (expense):
Interest expense	(38,651)	(27,480)
Other	7,296	19,464
Total other income (expense) - net	(31,355)	(8,016)
Income (loss) before taxes	25,513	(2,389)
Income tax expense	34,491	27,366
Net earnings (loss)	(8,978)	(29,755)
Less: net earnings attributable to noncontrolling interests	-	1,395
Net earnings (loss) attributable to Vishay stockholders	$(8,978)	$(31,150)
Basic earnings (loss) per share attributable to Vishay stockholders	$(0.07)	$(0.23)
Diluted earnings (loss) per share attributable to Vishay stockholders	$(0.07)	$(0.23)
Weighted average shares outstanding - basic	135,737	136,964
Weighted average shares outstanding - diluted	135,737	136,964
Cash dividends per share	$0.40	$0.40
* Selling, general, and administrative expenses for the fiscal year ended December 31, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.

	Fiscal quarters ended
	December 31, 2025	September 27, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
Net revenues	$800,922	$790,640	$714,716
Costs of products sold	644,135	636,781	572,584
Gross profit	156,787	153,859	142,132
Gross margin	19.6%	19.5%	19.9%
Selling, general, and administrative expenses	141,999	134,712	132,330
Impairment of goodwill	-	-	66,487
Operating income (loss)	14,788	19,147	(56,685)
Operating margin	1.8%	2.4%	-7.9%
Other income (expense):
Interest expense	(9,748)	(9,525)	(7,731)
Other	537	2,265	5,563
Total other income (expense) - net	(9,211)	(7,260)	(2,168)
Income (loss) before taxes	5,577	11,887	(58,853)
Income tax expense	4,591	19,763	7,232
Net earnings (loss)	986	(7,876)	(66,085)
Less: net earnings attributable to noncontrolling interests	-	-	223
Net earnings (loss) attributable to Vishay stockholders	$986	$(7,876)	$(66,308)
Basic earnings (loss) per share attributable to Vishay stockholders	$0.01	$(0.06)	$(0.49)
Diluted earnings (loss) per share attributable to Vishay stockholders	$0.01	$(0.06)	$(0.49)
Weighted average shares outstanding - basic	135,727	135,720	136,050
Weighted average shares outstanding - diluted	136,730	135,720	136,050
Cash dividends per share	$0.10	$0.10	$0.10

	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(Unaudited - In thousands)
Assets
Current assets:
Cash and cash equivalents	$514,966	$590,286
Short-term investments	265	16,130
Accounts receivable, net	381,802	401,901
Inventories:
Finished goods	182,444	175,176
Work in process	331,347	296,393
Raw materials	245,412	217,812
Total inventories	759,203	689,381
Prepaid expenses and other current assets	231,004	217,809
Total current assets	1,887,240	1,915,507
Property and equipment, at cost:
Land	86,399	84,124
Buildings and improvements	839,856	766,058
Machinery and equipment	3,477,884	3,259,213
Construction in progress	464,475	367,564
Allowance for depreciation	(3,195,455)	(2,931,221)
	1,673,159	1,545,738
Right of use assets	119,746	117,953
Deferred income taxes	183,016	159,769
Goodwill	180,390	179,005
Other intangible assets, net	78,487	87,223
Other assets	112,122	105,501
Total assets	$4,234,160	$4,110,696

	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(Unaudited - In thousands)
Liabilities and equity
Current liabilities:
Trade accounts payable	$214,984	$216,313
Payroll and related expenses	164,114	137,101
Lease liabilities	26,546	25,901
Other accrued expenses	300,031	264,471
Income taxes	14,751	64,562
Total current liabilities	720,426	708,348
Long-term debt less current portion	950,893	905,019
Deferred income taxes	96,818	96,363
Long-term lease liabilities	95,799	94,218
Other liabilities	109,228	104,086
Accrued pension and other postretirement costs	172,723	173,700
Total liabilities	2,145,887	2,081,734
Equity:
Common stock	12,351	13,361
Class B convertible common stock	1,210	1,210
Capital in excess of par value	1,101,086	1,306,245
Retained earnings	892,232	955,500
Treasury stock (at cost)	-	(212,062)
Accumulated other comprehensive income (loss)	81,394	(35,292)
Total equity	2,088,273	2,028,962
Total liabilities and equity	$4,234,160	$4,110,696

	Years ended
	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
Operating activities
Net earnings (loss)	$(8,978)	$(29,755)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	224,738	210,645
(Gain) loss on disposal of property and equipment	100	(1,969)
Inventory write-offs for obsolescence	34,967	37,245
Impairment of goodwill	-	66,487
Pensions and other postretirement benefits, net of contributions	(5,540)	(6,036)
Stock compensation expense	22,355	20,921
Deferred income taxes	(10,864)	(23,514)
Other	6,776	20,416
Change in U.S. transition tax liability	(47,027)	(37,622)
Change in repatriation tax liability	(9,375)	(15,000)
Changes in operating assets and liabilities, net of effects of businesses acquired	(22,844)	(68,116)
Net cash provided by operating activities	184,308	173,702
Investing activities
Capital expenditures	(273,293)	(320,079)
Proceeds from sale of property and equipment	1,162	3,015
Purchase of businesses, net of cash acquired	-	(216,024)
Purchase of short-term investments	(28,575)	(145,327)
Maturity of short-term investments	45,111	164,983
Other investing activities	(2,336)	970
Net cash used in investing activities	(257,931)	(512,462)
Financing activities
Principal payment upon maturity of convertible senior notes due 2025	(41,911)	-
Repurchase of convertible senior notes due 2025	-	(52,960)
Net proceeds on revolving credit facility	83,000	136,000
Debt issuance and amendment costs	-	(1,062)
Dividends paid to common stockholders	(49,399)	(49,833)
Dividends paid to Class B common stockholders	(4,839)	(4,839)
Repurchase of common stock	(12,528)	(50,406)
Distributions to noncontrolling interests	-	(2,500)
Acquisition of noncontrolling interests	-	(5,500)
Cash withholding taxes paid when shares withheld for vested equity awards	(3,986)	(4,303)
Other financing activities	10,000	-
Net cash used in financing activities	(19,663)	(35,403)
Effect of exchange rate changes on cash and cash equivalents	17,966	(8,270)
Net decrease in cash and cash equivalents	(75,320)	(382,433)
Cash and cash equivalents at beginning of period	590,286	972,719
Cash and cash equivalents at end of period	$514,966	$590,286

	Fiscal quarters ended			Years ended
	December 31, 2025	September 27, 2025	December 31, 2024	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
GAAP net earnings (loss) attributable to Vishay stockholders	$986	$(7,876)	$(66,308)	$(8,978)	$(31,150)
Reconciling items affecting operating income (loss):
Favorable resolution of contingency	$-	$-	$-	$(11,293)	$-
Impairment of goodwill	-	-	66,487	-	66,487
Restructuring and severance costs	-	-	-	-	40,614
Reconciling items affecting tax expense (benefit):
Change in tax laws and regulations	$-	$13,657	$-	$13,657	$-
Tax effects of pre-tax items above	-	-	-	-	(10,299)
Adjusted net earnings (loss)	$986	$5,781	$179	$(6,614)	$65,652
Adjusted weighted average diluted shares outstanding	136,730	136,582	136,883	135,737	137,741
Adjusted earnings (loss) per diluted share	$0.01	$0.04	$0.00	$(0.05)	$0.48

	Fiscal quarters ended			Years ended
	December 31, 2025	September 27, 2025	December 31, 2024	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)
Net cash provided by operating activities	$149,362	$27,639	$67,656	$184,308	$173,702
Proceeds from sale of property and equipment	308	360	1,618	1,162	3,015
Less: Capital expenditures	(94,802)	(52,324)	(144,904)	(273,293)	(320,079)
Free cash	$54,868	$(24,325)	$(75,630)	$(87,823)	$(143,362)

	Fiscal quarters ended			Years ended
	December 31, 2025	September 27, 2025	December 31, 2024	December 31, 2025	December 31, 2024
VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)
GAAP net earnings (loss) attributable to Vishay stockholders	$986	$(7,876)	$(66,308)	$(8,978)	$(31,150)
Net earnings attributable to noncontrolling interests	-	-	223	-	1,395
Net earnings (loss)	$986	$(7,876)	$(66,085)	$(8,978)	$(29,755)
Interest expense	$9,748	$9,525	$7,731	$38,651	$27,480
Interest income	(2,753)	(2,710)	(4,533)	(13,363)	(25,479)
Income taxes	4,591	19,763	7,232	34,491	27,366
Depreciation and amortization	57,702	57,293	55,373	224,738	210,645
EBITDA	$70,274	$75,995	$(282)	$275,539	$210,257
Reconciling items
Favorable resolution of contingency	$-	$-	$-	$(11,293)	$-
Impairment of goodwill	-	-	66,487	-	66,487
Restructuring and severance costs	-	-	-	-	40,614
Adjusted EBITDA	$70,274	$75,995	$66,205	$264,246	$317,358
Adjusted EBITDA margin**	8.8%	9.6%	9.3%	8.6%	10.8%
** Adjusted EBITDA as a percentage of net revenues

Contacts
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300