Sensata Technologies completes acquisition of First Technology Automotive and Special Products
ATTLEBORO, Massachusetts | December 20, 2006 |
Sensata Technologies B.V. today announced that it has closed the previously announced acquisition of Honeywell’s First Technology Automotive and Special Products (FTAS) business.
Concurrently, Sensata completed a 73 million euros financing in support of the transaction through an incremental facility under its existing Credit Agreement. Terms were in line with the original issuance.
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 2005 were approximately $1.1 billion.
Source: Sensata Technologies B.V.
About Sensata Technologies
Sensata Technologies is a leading designer and manufacturer of sensors and controls for leaders in the global automotive, appliance, aircraft, industrial and HVAC markets.
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 at www.sensata.com
Safe Harbor Statement
This press release contains forward–looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward–looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. The principal risks and uncertainties include, but are not limited to: changes in general economic conditions, our ability to operate as a stand–alone company, labor and material costs, increased competition, our ability to develop and protect intellectual property and know–how, interest rate and foreign currency changes, environmental risks and conditions in end–markets. Readers are cautioned not to place undue reliance on these forward–looking statements, which speak to results only as of the date the statements were made, and we undertake no obligation to publicly update or revise any forward–looking statements, whether to reflect any future events, circumstances or otherwise.
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