HUNTINGTON, Ind. (www.incnow.tv) -- Huntington Electric is closing up shop, delivering yet another economic blow to the city of Huntington.
The closure comes on the heels of the announcement that Breyers will be closing at the end of next month which already adds 150 people to the unemployment line in Huntington County.
Huntington Electric opened in 1950 and is currently owned by Vishay Intertechnology out of Pennsylvania. The exact number of people who will be without a job is not yet known.
Below is a release from Oct. 2011 about the acquisition by Vishay Intertechnology found on the city's Chamber of Commerce website:
A Pennsylvania company has purchased the resistor business of Huntington-based Huntington Electric Inc. Vishay Intertechnology Inc. says the nearly $20 million deal fits well with the company's recently announced growth plan.
Vishay Intertechnology, one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced the acquisition of the resistor businesses of Huntington Electric Inc. comprised of Huntington, Milwaukee, Central and Mills Resistors. The purchase price for these businesses was approximately $19.6 million subject to customary post-closing adjustments.
"We are pleased to welcome Huntington into the Vishay family," said Marc Zandman, Vishay's Executive Chairman and Chief Business Development Officer. "The Huntington product and technology portfolio will further enhance our broad resistor portfolio, particularly in the high power and high current ranges, as well as with resistor assemblies for industrial applications."
"In the Company's recently announced growth plan," stated Dr. Gerald Paul, Vishay's President and Chief Executive Officer, "we indicated that niche acquisitions would supplement intensified internal growth. Our acquisition of Huntington fits well into this strategy, complementing our already broad and strong resistor product business."
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