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Sensata Technologies reaches agreement to acquire Honeywell’s First Technology Automotive and Special Products business
Acquisition creates new growth opportunities and strengthens Sensata’s position as a leading supplier of sensors and controls across a broad array of markets
Attleboro, Massachusetts | November 3, 2006 | Sensata Technologies Inc. announced today that it has reached a definitive agreement to acquire Honeywell’s First Technology Automotive and Special Products (FTAS) business for $90 million. FTAS was acquired by Honeywell as part of its acquisition of First Technology plc earlier this year. The transaction, which is subject to regulatory review, is expected to close by the end of the fourth quarter.
FTAS designs, develops and manufactures high–value solutions in three core product categories: automotive sensors, electromechanical control devices and crash switch devices. 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 the year ending 2005 for this business were approximately $1.1 billion.
"While there are commonalities in the markets and customers served by both organizations, our technologies are for the most part complementary making this a win for both Sensata and FTAS," said Tom Wroe, Sensata Technologies chairman and chief executive officer.
He said, "The acquisition will allow Sensata to bring expanded solutions to its customer base and provide increased development and marketing resources to optimize return on promising new sensing technologies such as optical and magnetic position sensing that complement Sensata’s incumbent strength in pressure sensing." Because of these synergies, the market opportunity will be greater for the combined organization in rapidly growing market segments like vehicle stability systems where several different sensor solutions play a role, Wroe said.
FTAS was one of three First Technology divisions that came to Honeywell through the acquisition of First Technology plc in March of 2006. Honeywell has since integrated First Technology’s former Gas Sensing business into its Automation and Control Solutions business. The other business, the former First Technology Safety and Analysis business, was sold shortly after the close of the First Technology plc transaction.
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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. Our sensing and protection solutions improve safety and efficiency for millions of people every day.
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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