Sensata Technologies Holding has declared the completion of the formerly announced acquisition from Elex Group, the shares of Sensor-NITE Group.
Sensor-NITE provides high temperature sensors, which are made use of in the exhaust after-treatment systems of gasoline and diesel engines. Based in Tessenderlo in Belgium, this company has recorded in 2010, a revenue of around $135 million. Sensata will make use of the same brand name i.e. Sensor-NITE and call it as the HTS or High Temperature Sensors product family.
According to Martha Sullivan, who is the COO and President of Sensata Technologies, this new acquisition would provide the company a new and innovative technology platform, which would enhance the existing robust growth possibilities in the engine powertrain systems. She also mentioned that the company was eager to interact with the Sensor-NITE team and to take the solutions to a wider customer base even as the focus was on products pertaining to a cleaner environment.
Robert Hureau, who is the Chief Financial Officer, has stated that they had anticipated that the acquisition would immediately enhance their earnings and also provide great value to their shareholders. Both funds from their revolving credit facility along with cash on hand were utilized to fund this transaction, which came to about € 225 millions.
Source: http://www.sensata.com