MALVERN, Pa. (AP) -- Vishay Intertechnology Inc. said Tuesday it plans to spin off its measurements and foil resistor businesses into an independent, publicly traded company called Vishay Precision Group Inc.
The company plans to do the spinoff by issuing a tax-free stock dividend to its stockholders. Vishay added it has "not yet finalized details of the spin-off."
Vishay Precision Group is not a core part of Vishay's overall operations, and the company said it expects the spinoff to have "enhanced potential as a stand-alone company."
After the spinoff is completed, Vishay said it will solely be a discrete electronic components business, comprised of semiconductors and passive components.