About Littelfuse

Littelfuse, Inc. (Littelfuse) operates as a diversified, industrial technology manufacturing company. Across more than 20 countries, and with approximately 17,000 global associates, the company partners with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, the company’s products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. The company sells product through various global network channels. Segments The company conducts its business through three reportable segments: Electronics, Transportation, and Industrial. Within these segments, the company designs, manufactures and sells electronic components, modules and subassemblies to empower the long-term secular growth themes of sustainability, connectivity and safety. Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and fuse accessories, positive temperature coefficient (‘PTC’) resettable fuses, electromechanical switches and interconnect solutions, polymer electrostatic discharge (‘ESD’) suppressors, varistors, reed switch based magnetic sensing, gas discharge tubes; semiconductor products, such as discrete transient voltage suppressor (‘TVS’) diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon carbide metal-oxide-semiconductor field effect transistors (‘MOSFETs’) and diodes; and insulated gate bipolar transistors (‘IGBT’) technologies. The segment covers a broad range of end markets, including industrial motor drives and power conversion, automotive electronics, electric vehicle and related charging infrastructure, aerospace, power supplies, data centers and telecommunications, medical devices, alternative energy and energy storage, building and home automation, appliances, and mobile electronics. Transportation Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (‘OEMs’), Tier-one suppliers and parts and aftermarket distributors in passenger vehicle, heavy-duty truck and bus, off-road and recreational vehicles, material handling equipment, agricultural machinery, construction equipment and other commercial vehicle end markets. Passenger vehicle products are used in internal combustion engine, hybrid and electric vehicles, including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment, as well as the vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, construction, agriculture, material handling and marine. Industrial Segment: Consists of industrial circuit protection (industrial fuses), industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault detection devices) and temperature sensors for use in various applications, such as renewable energy and energy storage systems, industrial safety, factory automation, electric vehicle infrastructure, HVAC systems, non-residential construction, MRO, and mining. Strategy In February 2021, the company announced its five-year strategic plan, which builds upon its strengths from its previous strategy. The company is well-positioned within the center of the global structural growth themes of sustainability, connectivity, and safety, which will continue to drive increased demand for the company’s products across the transportation, industrial and electronics end markets that it serves. The company continues to drive commercial excellence through investments in its customer-driven innovation, strategic acquisitions and integration of these businesses, eMobility, and its digital infrastructure to improve the customer experience, and its operating systems. These investments enable the company to capitalize on growth opportunities where technologies and applications are converging across its product segments. The company’s resilient growth strategy and business model has delivered sustained double-digit sales and earnings growth over the last five, ten and fifteen years. Acquisitions Western Automation: On February 3, 2023, the company completed the acquisition of Western Automation Research and Development Limited (‘Western Automation’). Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables. The business is reported within the company’s Industrial segment. Sales and Operations The company conducts its business through three reportable segments: Electronics, Transportation, and Industrial. The company operates in three geographic regions: the Americas, the Asia-Pacific, and Europe. The company designs, manufactures products and sells to customers in all three regions. The company’s products are sold worldwide through distributors, direct sales force and manufacturers’ representatives in certain regions. For the year ended December 30, 2023 (fiscal year 2023), approximately 65% of the company’s net sales were to customers outside the United States (‘U.S.’), including approximately 23% to China. The company manufactures many of its products on fully integrated manufacturing and assembly equipment. The company maintains product quality through a Global Quality Management System with most manufacturing sites certified under ISO 9001:2000. In addition, several of the Littelfuse manufacturing sites are also certified under IATF 16949 and ISO 14001. Business Environment Electronics segment The company designs, manufactures and sells electronic components and modules empowering its customers’ applications focused on a more sustainable, connected, and safer world. The ever-increasing advancements of applications surrounding these themes continues to drive greater demand for the company’s products and a higher level of product content within a broad range of applications. Technologies within the Electronics segment provide protection, power control and sensing capabilities. Circuit protection technologies in the Electronics segment are designed to protect against harmful occurrences like voltage spikes, short circuits, power surges and electrostatic discharge. Products include fuses and fuse accessories, PTC resettable fuses, ESD suppressors, varistors, gas discharge tubes, and semiconductor products, such as discrete TVS diodes, TVS diode arrays, and protection thyristors. The need for complex sensor technologies continues to grow, as products become increasingly sophisticated, smarter and more connected. Sensor products in the Segment are used in a wide variety of applications, including appliances, building and home automation, industrial controls, and commercial vehicles. The company also offers a wide range of power control products used to convert and regulate energy and safely and efficiently control power across a broad spectrum of industrial applications like renewable energy and energy storage systems, motor drives and power conversion. Products include a comprehensive portfolio of semiconductor components and modules, including thyristors, MOSFETs, rectifiers and fast recovery diodes, IGBTs and wide band gap devices, and medium and high-power industrial applications. The acquisition of C&K Switches in 2022 significantly expanded the company’s electromechanical switches and interconnect solutions portfolios, which primarily serves industrial, transportation and datacom applications. Through the growth of its product portfolio within the segment, the company has expanded its presence across the industrial, transportation and electronics end markets it serves. The company expects to continue to expand its market presence by leveraging its broad, global access and reach with its strong go-to-market strategy via its strategic distribution partnerships and deep OEM relationships, and by continuing to expand its product portfolio through organic and inorganic investments in high growth, niche applications. Transportation segment The company is a primary supplier of circuit protection technologies, as well as certain sensing technologies to global automotive OEMs, mainly through sales made to Tier One automotive suppliers, main-fuse box, and wire harness manufacturers that incorporate these technologies into their products, as well as automotive component parts manufacturers, and automotive parts distributors. The company also sells some of its circuit protection products in the transportation aftermarket, with its products being sold through merchandisers, discount stores, and service stations, as well as under private label by national firms. Passenger vehicle products include both protection and sensing technologies used in internal combustion engine based, hybrid and electric vehicles. Protection technologies include blade fuses, battery cable protectors, resettable fuses, high-current and high voltage fuses. Sensing technologies are used in a variety of applications including occupant safety, speed, solar, fluid, position, harness, and battery management systems. The company’s commercial vehicle business includes a variety of products, including power distribution modules and units, low and high current switches, circuit breakers, relays, battery management products, ignition key switches, and trailer connectors. These products are used in applications largely serving commercial vehicle end markets, including heavy-duty truck, construction, agriculture, material handling and marine. Products are sold directly to a mix of OEMs, Tier One suppliers, aftermarket channels, as well as through general distribution. The acquisition of Carling Technologies in 2021 significantly expanded the company’s presence in commercial vehicle end markets. The product portfolio, including switching, circuit protection and power distribution products portfolios, are primarily used in commercial vehicle applications, as well as certain telecom and datacom applications. The company expects to continue to expand its presence across its transportation end markets, leveraging its strong OEM, Tier One and distributor customer base and go-to-market strength, and by continuing to expand its product portfolio through organic and inorganic investments. Industrial segment The company designs and sells a broad range of industrial fuses, industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault detection devices) and temperature sensors for use in various applications, such as renewable energy and energy storage systems, industrial safety, factory automation, electric vehicle infrastructure, HVAC systems, non-residential construction, MRO, and mining. These products are used to protect personnel and equipment from excessive currents, over voltages, and electrical shock hazards. Products are sold direct to OEMs, and through both electrical and electronics distribution channels. The 2021 acquisition of Hartland expanded the company’s contactors and transformers product portfolios, which primarily services HVAC and e-Mobility off-board charging applications. The 2023 acquisition of Western Automation significantly expanded the company’s electrical shock protection devices portfolios, which primarily serves a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables. The company expects to continue to expand its presence across its end markets, leveraging its growing customer base, and go-to-market strength, and by continuing to expand its product portfolio through organic and inorganic investments in high growth, niche applications. Product Design and Development During fiscal year 2023, the company expended $102.4 million on research, product design, and development. Manufacturing The company’s strategy is to prequalify suppliers for quality assurance and supply continuity, as much as possible, to localize supply sources close to its manufacturing sites. This helps to minimize the transportation of materials, and ultimately reduces the company’s environmental footprint by decreasing emissions, consistent with its sustainability strategy. For critical materials, the company looks to diversify its supplier base by prequalifying second sources. Sales and Marketing The company goes to market through selling organizations consisting of worldwide direct sales personnel, distribution partners and manufacturers’ representatives. The direct sales force closely works with global OEM, Tier One automotive, consulting engineers, and major end customers to design-in and sell all of the company’s products. The company has sales offices and direct sales channels in number of countries around the world. The company’s channel partners provide fulfillment services for its end customers, including those partnered with electronic manufacturing services (‘EMS’), as well as some demand creation activities. Electronics segment The company’s Electronics segment products are used across a variety of applications. Many of the company’s products are incorporated into applications with complex design technical support requirements, while certain of the company’s products require less design support for its customers. Most Electronics segment products are sold through the company’s direct salesforce or through its channel distribution partners. The fulfillment of these products is primarily through the company’s broad line distribution partners, including global distributors such as Arrow Electronics, Inc., Future Electronics and TTI, Inc., regional and high service distributors, including Digi-Key and Mouser, as well as directly to OEMs. Transportation segment The company primarily uses a direct sales force to service major automotive and commercial vehicle OEMs, system suppliers, and Tier One automotive and aftermarket customers globally. In selected areas, the company also uses distributors to service smaller customers and to provide supply chain fulfillment for certain customers. The company also leverages its transportation customer relationships to sell products from the Electronics and Industrial segments into transportation end markets, primarily to Tier One and OEM automotive customers. Respective revenues are reported in the Electronics and Industrial segments. Industrial segment The company markets and sells its Industrial segment products direct to OEMs, and through both electrical and electronics distribution channels to various end customers, including electrical contractors, factories, municipalities, and utilities. Customers The company directly sells to over 4,000 customers and distributors worldwide. Sales to Arrow Electronics, Inc., which were reported in the company’s Electronics, Transportation and Industrial segments, were 11.2% of consolidated net sales in 2023. During fiscal 2023, net sales to customers outside the U.S. accounted for approximately 65% of the company’s total net sales. Competition In the Electronics segment, the company’s competitors include Eaton Corporation, Bourns Inc., TDK, ON Semiconductor Corporation, Infineon Technologies, STMicroelectronics NV, Semtech Corporation, and Vishay Intertechnology Inc. In the Transportation segment, the company’s competitors include Eaton Corporation, Pacific Engineering, MTA (Meccanotecnica Codognese), Amphenol Corporation, Sensata Technologies Holding NV, and TE Connectivity Ltd. In the Industrial segment, the company’s major competitors include Eaton Corporation, GE Multilin, and Mersen. History Littelfuse, Inc. was founded in 1927. The company was incorporated under the laws of the state of Delaware in 1991.