ATTLEBORO, Massachusetts (April 27, 2006) – Sensata Technologies, Inc., formerly the Sensors & Controls business of Texas Instruments Incorporated, today announced that Bain Capital, LLC, a leading global private investment firm, has completed its purchase of the company. The total value of the transaction, which was announced on January 9, 2006, is $3.0 billion.
The sale creates a standalone company that is the global leader in the sensors and controls business. Headquartered in Attleboro, Massachusetts and with additional manufacturing and technology development centers located in Brazil, China, Holland, Japan, Korea, Malaysia, and Mexico, the company also has sales offices around the world. Sensata Technologies employs 5,400 people, including 3,750 in the Americas, 1,350 in Asia, and 300 in Europe.
"The completion of the sale is a significant milestone in our company’s history. We enter this new phase of our growth and development with a new name – Sensata Technologies – and a renewed commitment to excellence, innovation and customer service," said Thomas Wroe, Jr., President and Chief Executive Officer of Sensata Technologies. "Our day–to–day operations will remain the same, including our management team, staff and locations, and so will our dedication to providing customers with solutions that enable them to win in their marketplaces. We will invest in our growth as a standalone company for the benefit of our customers and employees."
"Sensata Technologies is the preeminent supplier of sensors and controls across a broad array of geographies and applications, and enjoys long–standing customer relationships," said Steve Zide, a Managing Director at Bain Capital. "We are enthusiastic about the company’s long–term potential and look forward to supporting the management team’s strategies for worldwide growth."
Bain Capital has a strong track record of purchasing non–core divisions of large, multinational companies and partnering with the management team and employees to build significant value.
Morgan Stanley, Goldman Sachs and Bank of America provided financial advisory services to Bain Capital, and JPMorgan Chase provided merger and acquisition advice.
About Sensata Technologies
Sensata Technologies, formerly the Sensors & Controls business of Texas Instruments, provides leaders in the global automotive, appliance, aircraft, industrial and HVAC markets with sensing and protection solutions that improve safety and efficiency for millions of people every day. Headquartered in Attleboro, Massachusetts, Sensata Technologies has nine technology and manufacturing centers in eight countries, and sales offices throughout the world. For more information, visit www.sensata.com
About Bain Capital
Bain Capital (www.baincapital.com) is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity and leveraged debt assets with more than $38 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add–on acquisitions in over 230 companies around the world, including such technology and manufacturing companies as FCI, UGS, ChipPAC and Therma–Wave. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Tokyo, Hong Kong and Shanghai.
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP and analog technologies to meet our customers‘ real world signal processing requirements. In addition to Semiconductor, the company’s businesses include Educational & Productivity Solutions. TI is headquartered in Dallas, Texas, and has manufacturing, design or sales operations in more than 25 countries. Texas Instruments is traded on the New York Stock Exchange under the symbol TXN. More information is located on the World Wide Web at www.ti.com.
# # #