8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549


                                    FORM 8-K


                                 Current Report
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                         Date of Report: January 3, 2002
                        (Date of earliest event reported)


                                IXYS CORPORATION
             (Exact name of registrant as specified in its charter)


          Delaware                       000-26124               94-2712976
(State or other jurisdiction of     (Commission File No.)      (IRS Employer
        incorporation)                                       Identification No.)


                               3540 Bassett Street
                                   Santa Clara
              (Address of principal executive offices and zip code)


       Registrant's telephone number, including area code: (408) 982-0700

                                 NOT APPLICABLE
         (Former name or former address, if changed since last report.)

                                 ______________






Item 5.  Other Events

         This Current Report on Form 8-K contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Actual results
and developments may differ materially from those described or incorporated by
reference in this Report. For more information about IXYS Corporation and risks
arising when investing in IXYS, investors are directed to IXYS' most recent
Report on Form 10-K as filed with the Securities and Exchange Commission.

         On January 3, 2002, IXYS announced that it had made an offer to acquire
for cash 100% of the equity of Westcode Semiconductors Limited, a UK-based power
semiconductor company. The IXYS offer is contingent upon the satisfactory
completion of due diligence by IXYS, approval of the proposed transaction by the
IXYS board of directors and the execution of definitive agreements providing for
the transaction. Westcode has agreed to enter into exclusive negotiations with
IXYS, and the parties hope to complete the proposed acquisition in January 2002.

         A copy of the press release of IXYS announcing the offer is included
herein as Exhibit 99.1. Such press release is incorporated by reference into
this Item 5.

Item 7.  Financial Statements and Exhibits

(c)      Exhibits

         Exhibit
         Number             Description
         ---------------    ----------------------------------------------------
         99.1               Press Release, dated January 3, 2002.







                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                         IXYS CORPORATION

                                         By: /s/ Arnold P. Agbayani
                                         ---------------------------------------
                                         Arnold P. Agbayani, Senior Vice
                                         President of Finance and Administration
                                         and Chief Financial Officer (Principal
                                         Financial Officer)

Date: January 10, 2002

EX-99.1

                                                                    Exhibit 99.1

          IXYS Makes Offer to Purchase Westcode Semiconductors Limited

     SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 3, 2002--IXYS Corporation
(Nasdaq:SYXI - news), a leader in power semiconductors for power conversion and
        ----   ----
motion control applications, announced that it has made an offer to acquire for
cash 100% of the equity of Westcode Semiconductors Limited, a UK-based power
semiconductor company. The IXYS offer is contingent upon the satisfactory
completion of due diligence by IXYS, approval of the proposed transaction by the
IXYS board of directors and the execution of definitive agreements providing for
the transaction. Westcode has agreed to enter into exclusive negotiations with
IXYS, and the parties hope to complete the proposed acquisition in January 2002.

     Westcode has an international reputation for the research, development,
manufacture, sales and marketing of high power semiconductor devices, including
2.5kV and 5.2kV IGBT press packs. Westcode also has a strong presence in the
USA, Europe and Japan, serving customers in induction heating, welding, motor
controls (AC and DC drives), traction, electric vehicles and HVDC markets.

     Westcode's revenues for the twelve months ending December 31, 2001 exceeded
$29 million.

     Since 1998, Westcode has been distributing selected IXYS products through
its established worldwide sales channels. Over the past twelve months, IXYS and
Westcode have further strengthened their business relationship by working
together to develop Westcode's capability for manufacturing wafers for IXYS.

     "We have known Westcode and its management team as a customer and a
supplier, and realize that their products would fit our growth strategy into
higher power semiconductors and would thus extend IXYS' market reach," said Dr.
Nathan Zommer, CEO and President of IXYS Corporation. "The proposed acquisition
of Westcode would bring to IXYS, technical and manufacturing expertise in very
high power products as well as access to a wider range of customers."

     Bill Jones, President of Westcode, states, "This is excellent news for
Westcode and we are very excited by the opportunities that consummation of the
proposed transaction would offer. Westcode and IXYS have had a history of
working closely together, and we are comfortable with IXYS' Silicon Valley style
of management. Together, we look forward to developing products and markets that
would be very expensive and difficult to do separately."

     "Our technologies are similar, but they are not the same, and we feel that
the synergy between the products of IXYS and Westcode would enhance the
attractiveness of IXYS for its present and future customer base," added Peter
Ingram, President of IXYS Europe.

                                       1.



     IXYS develops and markets primarily high performance power semiconductor
devices that are used in controlling and converting electrical power efficiently
in power systems for the telecommunication and internet infrastructure, motor
drives, medical systems and transportation. IXYS also serves its markets with a
combination of digital and analog integrated circuits.

     Statements in this press release regarding IXYS' business that are not
historical facts are "forward-looking statements" that involve risks and
uncertainties, including, but not limited to the synergies that may be derived
from the acquisition of Westcode by IXYS, the ability of IXYS and Westcode to
develop, manufacture, and market new products, the ability of IXYS to
successfully integrate Westcode, and the demand by end-users for the products
produced by the customers of both companies, and the other risks detailed from
time to time in IXYS' reports filed with the Securities and Exchange Commission.
Further information on other factors that could affect IXYS' operations is
detailed and included in IXYS' Form 10-K, as filed with the Securities and
Exchange Commission, which includes the IXYS Corporation audited financial
statements as of March 31, 2001 and 2000. The Company undertakes no obligation
to publicly release the results of any revisions to these forward-looking
statements.

Contact:

         IXYS Corporation, Santa Clara
         Arnold P. Agbayani, 408/982-0700


                                       2.