Sensata Completes Acquisition of Sensor-NITEAugust 2, 2011
The acquisition provides Sensata with a new technology platform that will amplify growth opportunities in engine powertrain systems.
ALMELO, Netherlands /PRNewswire/ -- Sensata Technologies Holding N.V. announced that certain of its companies have completed the previously announced acquisition of the shares of Sensor-NITE Group Companies from Elex Group.
Sensor-NITE is a leading manufacturer of high-temperature sensors used in the exhaust after-treatment systems of diesel and leading-edge gasoline engines. The business is headquartered in Tessenderlo, Belgium, with operations and manufacturing in Sofia and Botevgrad, Bulgaria. Sensor-NITE recorded revenues of approximately $135 million in 2010.
While continuing to use the Sensor-NITE brand name, Sensata will refer to this business as the High-Temperature Sensors product family, or HTS, in future communications. HTS will become part of the company's global Sensors business.
Sensata Technologies President and Chief Operating Officer Martha Sullivan said, "The acquisition of Sensor-NITE provides Sensata with a new technology platform that will amplify the already-strong growth opportunities we are seeing in engine powertrain systems. We are looking forward to working with the Sensor-NITE team to bring these solutions to an even broader spectrum of customers as we continue to focus on products related to energy efficiency and a cleaner environment."
Chief Financial Officer Robert Hureau said, "We expect the acquisition to be immediately accretive to earnings and to generate significant value to our shareholders."
Sensata used a combination of cash on hand and funds from its revolving credit facility to finance the €225 million transaction.
About Sensata Technologies
Sensata Technologies Holding N.V. is one of the world's leading suppliers of sensing, electrical protection, control, and power management solutions. Employing approximately 11,500 people in nine countries, Sensata's products improve safety, efficiency, and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle, and marine applications.
About Sensor-NITE Group Companies
Sensor-NITE, formed in Belgium in 1996, is a Tier 1 supplier of high-temperature exhaust gas sensors for the automotive industry. Its sensors are used for exhaust gas temperature monitoring in exhaust gas recirculation systems, diesel particulate filters, selective catalytic reduction, turbocharging systems (overheating detection/fuel economy), oxidation catalysts, NOx traps, and fuel reformers.
Most Read Articles