Sensata Technologies Holding NV will acquire Sensor - NITE Group from Elex Group in a $325 million deal. The Sensor - NITE group manufactures high temperature sensors which are used in diesel and gasoline engines.
The Chief Executive of Sensata Technologies Tom Wroe said that Sensor – NITE’s leading market position, competitive cost structure and differentiated technology sets it apart from its competitors and is an ideal fit with Sensata's core Sensors business.
He added that this combination would provide a new technology platform and strong growth opportunities in powertrain systems they currently served. The deal is likely to be funded by cash, but there is a possibility of a debt based purchase. The deal will be closed in the third quarter as per Tom Wroe.
Sensata posted a first-quarter loss in April despite growth in revenue. The business also posted $ 135 million revenue in 2010 and is based in Tessenderlo Belgium. It has manufacturing operations in Sofia and Botevgrad. It was a unit of Texas Instruments Inc but was sold in 2006 for $ 3 billion to private investors group which included Bain Capital LLC.