<SEC-DOCUMENT>0000103730-12-000054.txt : 20130125
<SEC-HEADER>0000103730-12-000054.hdr.sgml : 20130125
<ACCEPTANCE-DATETIME>20121219104622
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000103730-12-000054
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISHAY INTERTECHNOLOGY INC
		CENTRAL INDEX KEY:			0000103730
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS & ACCESSORIES [3670]
		IRS NUMBER:				381686453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		63 LANCASTER AVENUE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6106441300

	MAIL ADDRESS:	
		STREET 1:		63 LANCASTER AVENUE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Via EDGAR</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">U.S. Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Division of Corporation Finance</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">100 F. Street, N.E.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt">Attention: Martin F. James, Senior Assistant Chief Accountant</div>

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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Vishay Intertechnology, Inc.<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font>Form 10-K for the Fiscal Year Ended December 31, 2011<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font> Filed February 23, 2012</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 108pt; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Form 10-Q for the Quarterly Period Ended September 29, 2012<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font>Filed October 30, 2012<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font> File No. 1-07416</div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 14.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Dear Mr. James:</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">This letter sets forth the response of Vishay Intertechnology, Inc. ("<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Vishay</u></font>" or the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Company</u></font>") to the comment letter of the staff of the Division of Corporation Finance (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Staff</u></font>") of the Securities and Exchange Commission (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>SEC</u></font>"), dated December 12, 2012, regarding the Company's Form 10-K for the fiscal year ended December 31, 2011 (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Form 10-K</u></font>") and Form 10-Q for the quarterly period ended September 29, 2012 (the "Form 10-Q"). &#160;For your convenience, we have incorporated the Staff's comments into this response letter below, and the Company's responses thereto are set forth after the comments.</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: Arial, sans-serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Form 10-K for the Fiscal Year Ended December 31, 2011</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Item 8. Financial Statements and Supplementary Data</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Note 1. Summary of Significant Accounting Policies, Cash, Cash Equivalents and Short-Term Investments, page F-12</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Your response notes that the short-term investments consist of time deposits with financial institutions and you believe that these investments are not securities under FASB ASC 320. We note from the definition of debt security referenced in FASB ASC 320-10-05 that a debt security includes any security representing a creditor relationship with an entity. Please explain why you believe your investments are not included in the scope of FASB ASC 320 as debt securities. Refer to FASB ASC 320-10-05 and 10-15. Also, explain the type of the investments if they are not debt securities and cite the accounting literature upon which you relied.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Response: &#160;</font>The Company acknowledges that its short-term investments, which are comprised of time deposits with financial institutions whose original maturity exceed three months, represent debt securities, as defined in the FASB ASC Topic 320.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt">The Company's previous response was unclear and should have stated that the <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Company believes that these investments are not within those classifications of securities described in ASC 320 which are measured at fair value (i.e., not "trading" or "available for sale"), but rather are held-to-maturity securities reported at amortized cost.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: Arial, sans-serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">To the extent that these short-term investments are debt securities and accounted for under FASB ASC 320, please tell us how you have classified these investments and why. For example, please explain whether these investments are held-to-maturity investments that are accounted for at amortized cost and, if so, whether the company has the positive intent and ability to hold those securities to maturity. Refer to FASB ASC 320-10-25-1(c) through 25-18.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Response: &#160;</font>The Company has classified its short-term investments as held-to-maturity investments in accordance with FASB ASC 320.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt">The Company has the positive intent and ability to hold these securities to maturity. This intent and ability has been demonstrated by the Company holding all investments to maturity in the past twenty-two months since the Company began investing a portion of its excess cash in these securities. &#160;The Company intends to continue to hold these investments until maturity, and believes it will continue to have the ability to do so, based on forecasted cash needs. &#160;Accordingly, these held-to-maturity investments are accounted for at amortized cost in accordance with FASB ASC Topic 320.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Further, if the short-term investments are debt securities accounted for under FASB ASC 320, you should provide the disclosures required by FASB ASC 320-10-50 in future filings. Please also provide us with a sample of your proposed disclosure.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Response: &#160;</font>The Company acknowledges the Staff's comment and will provide the disclosures required by FASB ASC Section 320-10-50 in its future filings. &#160;Please see Annex A for a sample of our proposed disclosure.</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: Arial, sans-serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div><u>Form 10-Q for the Quarterly Period Ended September 29, 2012</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Note 1. Basis of Presentation, page 12</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Please tell us how you considered FASB ASC 825-10-50-10 and the adoption of ASU 2011-4 in your disclosures in Note 12 related to your cash and cash equivalents and short-term investments. We note the disclosure on page 34 that these investments approximate their fair values but this disclosure does not appear to meet the requirements of FASB ASC 825-50-10(b) and (d).</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Response: &#160;</font>The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. &#160;Based on the then-current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and short-term investments have approximated their stated values. <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: inherit, 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</font>The Company will provide these disclosures in future filings to meet the requirements of FASB ASC Paragraphs 825-10-50-10(b) and (d).</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">The Company hereby acknowledges that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">Please do not hesitate to contact me at (610) 644-1300 with any questions or further comments you may have regarding this letter or if you wish to discuss the above response.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Sincerely,</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>/s/ Lori Lipcaman</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Lori Lipcaman</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Executive Vice President</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Chief Financial Officer</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Vishay Intertechnology, Inc.</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: Arial, sans-serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">ANNEX A</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Sample disclosure to be included in Fair Value Measurements Note to financial statements in future filings:</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">The Company's short-term investments have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet date. &#160;The short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. &#160;The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. &#160;At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. &#160;No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. &#160;There have been no transfers to or from the held-to-maturity classification. &#160;All decreases in the account balance are due to returns of principal at the securities' maturity dates. &#160;Interest on the securities is recognized as interest income when earned.</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: Arial, sans-serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 7pt">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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