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PROBLEM TO BE SOLVED : To enhance bonding strength between a varistor element principally comprising ZnO and an external electrode.
SOLUTION : A multilayer chip varistor 1 comprises a varistor element 3, and a pair of external electrodes 5 formed on the varistor element 3. The varistor element 3 has a varistor portion 7, and a pair of outer layer portions 9 arranged to hold the varistor portion 7 between. The varistor portion 7 and the pair of outer layer portions 9 principally comprise ZnO and contain a rare earth metal. The pair of external electrodes 5 have a first electrode layer 5a and a second electrode layer 5b, respectively. The first electrode layer 5a is baked simultaneously with the varistor element 3 and formed on the outer surface thereof and contains Pd. The second electrode layer 5b is formed on the first electrode layer 5a by plating.
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