HAMPTON, VA /GLOBE NEWSWIRE/ -- Measurement Specialties Inc. (MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced the acquisition of the assets of Cosense Inc., a technological leader in the design and manufacture of engineered ultrasonic sensors and switches, used in semiconductor, medical, aerospace, and industrial applications. The transaction closed April 2, 2012.
Frank Guidone, company CEO commented, "Cosense's ultrasonic sensors are an excellent addition to our current product portfolio and fit nicely within our Piezo product line. Cosense products are used for single-point, multi-point, and continuous liquid level measurement, along with entrained bubble detection. Their innovative solutions are very complementary to our existing product offering, particularly within the high-purity semiconductor, medical infusion pump, and commercial aerospace markets."
The purchase price for the assets of Cosense was $11.5 million. The company paid $10.0 million in cash at closing and will pay an additional $1.5 million on April 2, 2013, subject to offset for certain indemnification rights. The company expects the transaction to add approximately $7.5 million in annual net sales, and approximately $2 million in EBITDA.
Naim Dam, Cosense CEO commented, "We are excited to be part of the MEAS family; their technical experience in ultrasonics, global sales force, and worldwide manufacturing footprint make them an excellent partner for Cosense. We look forward to leveraging their broad application knowledge to expand our reach and accelerate growth."
Measurement Specialties Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics, such as pressure, temperature, position, force, vibration, humidity, and photo optics. MEAS uses multiple advanced technologies—piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems, piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors, optical sensors, negative thermal coefficient ceramic sensors, mechanical resonators, and submersible hydrostatic level sensors—to engineer sensors that operate precisely and cost effectively.