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Vishay Precision Group, Inc.
−Removed: (“VPG,” the “Company,” “we,” “us” or “our”) is a global, diversified company focused on precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one.
+Added: (“VPG,” the “Company,” “we,” “us” or “our”) is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one.
Many of our specialized sensors, weighing solutions, and measurement systems are “designed-in” by our customers, and address growing applications across a diverse array of industries and markets.
Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality, and we employ an operationally diversified structure to manage our businesses.
−Removed: Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and non-industrial applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data.
+Added: Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and technology-driven applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data.
VPG’s products are often at the first stage of a data value chain (i.e., the process of converting the physical world into a digital format that can be used for a specific purpose) and as such impact the effectiveness of vast number of critical, high-value downstream processes.
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Key Business Vision and Strategies
−Removed: Our vision is to be a leading provider of precision measurement and sensing technologies, which include sensors, weighing solutions and measurement systems that deliver accuracy, reliability and repeatability that make our customers' products safer, smarter, and more productive.
+Added: Our vision is to be a leading provider of precision measurement and sensing technologies, which include sensors, weighing solutions and measurement systems that deliver accuracy, reliability and repeatability that make our customers' products and processes safer, smarter, and more productive.
VPG delivers in-depth, deep engineering expertise to the design and manufacture of non-commodity sensors, weighing solutions and precision measurement systems that optimize and enhance our customers’ solutions performance across a broad array of end markets.
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Our advanced sensors manufacturing technology also offers us the capability to produce high-quality foil strain gages in a highly automated environment, which we believe results in reduced manufacturing and lead times, improved quality and increased margins.
−Removed: As a sign of our commitment to these businesses, we signed a long-term lease for a state-of-the-art facility that has been constructed in Israel.
−Removed: We fully transitioned to this facility in the third quarter of fiscal 2021.
+Added: As a sign of our commitment to these businesses, we signed a long-term lease for a state-of-the-art facility that has been constructed in Israel and fully transitioned to this facility in the third quarter of fiscal 2021.
We also seek to achieve significant production cost savings through the transfer, expansion, and construction of manufacturing operations in countries such as India, Japan, and Israel, where we can benefit from improved efficiencies or available tax and other government-sponsored incentives.
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We expect to continue to use our research and development, engineering, and product marketing resources to introduce new and innovative specialty products.
−Removed: An example of our success in this regard is the recent acceptance and growth of our on-board vehicle weighing solution incorporating microelectromechanical systems ("MEMS") technology.
+Added: An example of our success in this regard is the recent acceptance and growth of our on-board vehicle weighing solution incorporating micro-electromechanical systems ("MEMS") technology.
Our ability to react to changing customer needs, emerging markets, and industry trends will continue to be a key to our success.
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Growth from Acquisitions
−Removed: Since becoming a public company, we have acquired five businesses utilizing stringent financial, market, operational, and valuation criteria:
+Added: Since becoming a public company, we have acquired six businesses utilizing stringent financial, market, operational, and valuation criteria:
• In 2013, we completed our first acquisition as an independent public company when we acquired substantially all of the assets of the George Kelk Corporation ("KELK").
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As a result of our acquisition, we acquired a leased manufacturing, engineering, sales and administrative facilities in Seal Beach, California and Novi, Michigan.
+Added: • On September 30, 2024, we completed the acquisition of Nokra Optische Prueftechnik und Automation GmbH ("Nokra"), a Germany-based, privately held maker of precision measuring and testing equipment for manufacturing.
+Added: Nokra’s laser-based measuring systems expand our existing measurement and inspection solutions for steel and aluminum rolling mills, as well as for the metal processing industry.
+Added: Nokra’s laser-based measurement gauge systems are used to precisely measure the thickness, flatness, contour, width or 3D profile of various metals depending on the application, in both inline and offline production.
We expect to continue to make strategic acquisitions where opportunities present themselves to grow and expand our segments.
Our acquisition strategy is focused on identifying and acquiring high-value, growing technology-driven businesses that augment, expand and/or leverage our current offering in precision measurement and sensor markets.
−Removed: We expect to expand our expertise and our acquisition focus to other precision measurement solutions, including in the fields of measurement of force, weight, pressure, torque, tilt, motion, and acceleration.
+Added: We expect to expand our expertise and acquisition focus to other precision measurement solutions, including in the fields of measurement of force, weight, pressure, torque, tilt, motion, and acceleration.
We believe acquired businesses will benefit from improvements we implement to reduce redundant functions and from our current global manufacturing and distribution footprint.
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-Powertron - Sensortronics Pacific Instruments
−Removed: - APR - Tedea-Huntleigh
+Added: - APR - Tedea-Huntleigh Nokra
Micro-Measurements VPG Onboard Weighing
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Our innovative advanced sensors product line enhances the capability and performance of our strain gages, while simultaneously reducing their size and power consumption.
+Added: Emerging applications for our advanced sensors include industrial and medical robotics, as well as for consumer products.
A portion of our strain gage products are sold to third parties as “standard catalog items”, while the remainder of these products are sold as non-standard and/or custom products to third parties and to our Weighing Solutions segment.
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The heavy equipment market has begun to adopt load cell technology as process control and equipment control features for their products.
−Removed: In some cases, these products use our strain gage products, which serve as sensing elements and components within each unit.
−Removed: Further integration of our load cell technology is also
−Removed: offered as part of our weighing module products, which provide customers with a complete sensor assembly that may be used within a wide variety of digital transducers.
+Added: In some cases, these products use our strain gage products,
+Added: which serve as sensing elements and components within each unit.
+Added: Further integration of our load cell technology is also offered as part of our weighing module products, which provide customers with a complete sensor assembly that may be used within a wide variety of digital transducers.
A transducer is mounted on a structure that is subjected to weight or other forces, such as the platform of an industrial scale.
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The Measurement Systems segment includes highly specialized systems for steel production, materials development, and safety testing.
−Removed: This segment is comprised of our KELK, DSI, Pacific Instruments, and our DTS businesses.
+Added: This segment is comprised of our KELK, Nokra, DSI, Pacific Instruments and DTS businesses.
Our KELK business provides high accuracy and performance sensors and systems for the steel and aluminum industries, and within those industries, mainly for rolling mills.
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Our products are required to meet the most demanding requirements of the steel and aluminum industries, providing high accuracy and reliability under the most demanding harsh conditions of rolling mills.
+Added: Our Nokra business offers high-quality measurement and testing systems for use in manufacturing.
+Added: The systems measure and test geometric features such as length, width, thickness, profile, shape, and position.
+Added: Nokra’s laser-based measuring systems expand upon our existing KELK measurement and inspection solutions for steel and aluminum rolling mills, as well as for the metal processing industry around the world.
Our DSI business specializes in thermal-mechanical simulation systems for metallurgical research.
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The quality management system in our major foil resistors manufacturing site is certified against Aerospace Standard AS 9100.
+Added: Our third-party major load cells manufacturer as well as our third-party Onboard Weighing manufacturer have quality management systems certified to Automotive Standard IATF 16949.
Our DTS business unit, manufacturing data acquisition systems, data loggers and sensors for critical testing for aerospace, military, crash safety, is certified to ISO/IEC 17025 standard.
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Some of the most highly specialized materials for our sensors are sourced from a single vendor.
−Removed: We maintain a safety stock inventory of certain critical materials at our facilities.
+Added: We maintain a safety stock inventory of certain critical materials at our
We are taking steps to determine the use, source, and origin of any tin, tantalum, tungsten, or gold in our global product portfolio and, if appropriate, would work with our suppliers to remediate issues and source more responsibly.
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They typically order products from us based on their forecasts.
−Removed: If the customers' business needs change, they may
−Removed: cancel or reschedule the shipments that are included in our backlog, in many instances without the payment of any penalty.
+Added: If the customers' business needs change, they may cancel or reschedule the shipments that are included in our backlog, in many instances without the payment of any penalty.
Therefore, the backlog at any point in time is not necessarily indicative of the results to be expected for future periods.
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Our competitors range from very small, local companies to large, international companies with greater financial resources than us.
−Removed: Our foil resistors and our foil strain gages are based on our proprietary technology.
+Added: Our foil resistors and our strain gages are based on our proprietary technology.
Competitors try to compete in this market using different technology to offer functionally equivalent products.
−Removed: Examples of competition in our Sensors segment includes KOA, Bourns, Vishay Intertechnology, TT Electronics, Susumu, Isabellenhute, Caddock and Flat Dashi for foil resistors, and HBK, an operating company of Spectris, Tokyo Sokki Kenkyujo Co., Ltd (TML), Kyowa and Zemic for foil strain gages.
−Removed: Competitors in our Weighing Solutions segment include HBK, Zemic, and Utilcell for load cell products, and Air-Weigh and Vehicle Weighing Systems for onboard weighing products.
+Added: Examples of competition in our Sensors segment includes KOA, Bourns, Vishay Intertechnology, TT Electronics, Susumu, Isabellenhute, Caddock and Flat Dashi for foil resistors and HBK, an operating company of Spectris, Tokyo Sokki Kenkyujo Co., Ltd (TML), Kyowa and Zemic for strain gages.
+Added: Competitors in our Weighing Solutions segment include HBK, Zemic, and Utilcell for load cell products, Air-Weigh and Vehicle Weighing Systems for onboard weighing products.
In the Measurement Systems segment, we compete with ABB, IMS and Fuji in the steel market and Kistler for data acquisition systems.
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Environmental, Social and Governance
−Removed: As part of our launch of a corporate Environmental, Social and Governance ("ESG") program in 2022, we completed a materiality assessment, developed a multi-year ESG plan, and established an internal scorecard with short and long-term objectives.
−Removed: The implementation of our multi-year ESG plan continues to be on track as evidenced by our actions over the past year, which include updating applicable governance documents to include ESG-related topics on Information Security, sharing further key ESG performance indicators for environment, health and safety with our stockholders, key stakeholders and the general public, adopting ESG policies on Climate Related Risk-Greenhouse Gas and a Supplier Code of Conduct and updating our Anti-Bribery and Anti-Corruption policies.
−Removed: Internally, we are also capturing baseline data to identify opportunities for reducing energy consumption that contribute to Scope 1 and Scope 2 emissions using the latest Greenhouse Gas Protocol.
+Added: As part of our launch of a corporate Environmental, Social and Governance ("ESG") program, we completed a materiality assessment, developed a multi-year ESG plan, and established an internal scorecard with short and long-term objectives.
+Added: The implementation of our multi-year ESG plan continues to be on track as evidenced by our actions over the past year, which include the issuance of the first VPG Sustainability Report in October 2024 that details its risks and opportunities, further measurement and progress on material ESG topics during 2022-2023 that culminated in the capture and reporting of Scope 1 and Scope 2 emissions using the latest Greenhouse Gas (GHG) Protocol.
Our multi-year ESG plan is reviewed yearly and remains built on four pillars:
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Clancy 62 Executive Vice President and Chief Financial Officer
−Removed: Amir Tal 54 Senior Vice President and Chief Accounting Officer
+Added: Amir Tal 55 Executive Vice President and Chief Accounting Officer
Ziv Shoshani is our Chief Executive Officer and President, and also serves on the Board of Directors.
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Clancy is a licensed CPA in Pennsylvania.
−Removed: Amir Tal is our Senior Vice President and Chief Accounting Officer.
+Added: Amir Tal is our Executive Vice President and Chief Accounting Officer.
Tal was appointed by the Board of Directors to such position effective February 5, 2020.
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The website contains information about us and our operations.
−Removed: Copies of each of our filings with the SEC on Form 10-K, Form 10-Q, and Form 8-K, and all amendments to those reports, can be viewed and downloaded free of charge as soon as reasonably practicable after the reports and amendments are electronically filed with or furnished to the SEC.
+Added: Copies of each of our filings with the SEC on Form 10-K, Form 10-Q, Form 8-K, and all amendments to those reports, can be viewed and downloaded free of charge as soon as reasonably practicable after the reports and amendments are electronically filed with or furnished to the SEC.
To view the reports, access http://ir.vpgsensors.com and click on “Financials”/ “SEC Filings.”
−Removed: The following corporate governance related documents are also available on our website:
+Added: The following corporate governance related documents, as may be amended from time to time, are also available on our website:
• Compensation Committee Charter
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• Audit Committee Charter
−Removed: • Code of Business Conduct and Ethics
+Added: • Global Code of Business Conduct
• Code of Ethics Applicable to the Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer or Controller
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• Information Security Report
−Removed: • By-Laws of Vishay Precision Group
+Added: • By-Laws of Vishay Precision Group Inc.
+Added: • Insider Trading Policy
+Added: • Dodd-Frank Clawback Policy.
To view these documents, access http://ir.vpgsensors.com and click on “Sustainability-Governance” and then on “Governance” and then on "Governance Documents."
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.