Sensata to Raise Financing For Honeywell Business AcquisitionNovember 29, 2006
Acquisition of automotive sensor and electromechanical control solutions business to close by year end.
ATTLEBORO, Mass. /PRNewswire/ -- Sensata Technologies Inc. says it plans to raise $95 million to finance its acquisition of Honeywell's First Technology Automotive and Special Products (FTAS) business. Sensata plans to raise the financing through an incremental facility under its existing Credit Agreement dated April 27, 2006.
Further information about this financing and the related terms and conditions will be provided upon closing. While no assurances can be made that this additional financing will be successfully completed, Sensata management fully expects that the FTAS acquisition will close before year-end (whether or not the financing has been completed), pending only regulatory approval.
FTAS designs, develops and manufactures high-value automotive sensor and electromechanical control solutions. Its products are sold to automotive OEMs, Tier I automotive suppliers, large vehicle and off-road OEMs, and industrial manufacturers. For the year ended December 31, 2005, FTAS had sales of approximately $69 million.
Formerly the Sensors & Controls business of Texas Instruments, Sensata Technologies was acquired by Bain Capital, LLC, a leading global private investment firm, in April, 2006. Sensata is a leading designer and manufacturer of sensors and controls for global leaders in the automotive, appliance, aircraft, industrial and HVAC markets. It has nine technology and manufacturing centers in eight countries, and sales offices throughout the world. Revenues for the year ending 2005 for this business were approximately $1.1 billion.
Sensata Technologies is a leading designer and manufacturer of sensors and controls for leaders in the global automotive, appliance, aircraft, industrial and HVAC markets. Our sensing and protection solutions improve safety and efficiency for millions of people every day.
Sensata has business and technology development centers in Attleboro, Massachusetts, Holland and Japan and manufacturing operations in Brazil, China, Korea, Malaysia, and Mexico, as well as sales offices around the world. Sensata Technologies employs approximately 5,500 people worldwide. For more information, please visit our web site.
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