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Published in House and Home on Monday, August 1st 2011 at 4:11 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Sensata Technologies Completes Acquisition of Sensor-NITE Shares -- ALMELO, Netherlands, Aug. 1, 2011 /PRNewswire/ --
Sensata Technologies Completes Acquisition of Sensor-NITE Shares
ALMELO, Netherlands, Aug. 1, 2011 /PRNewswire/ -- Sensata Technologies Holding N.V. (NYSE: [ ST ]) announced today that certain of its companies have completed the previously announced acquisition of the shares of Sensor-NITE Group Companies from Elex Group.
(Logo: [ http://photos.prnewswire.com/prnh/20070227/CLTU192LOGO ] )
Sensor-NITE is a leading manufacturer of high temperature sensors used in the exhaust after-treatment systems of diesel and leading-edge gasoline engines. The business is headquartered in Tessenderlo, Belgium, with operations and manufacturing in Sofia and Botevgrad, Bulgaria. Sensor-NITE recorded revenues of approximately $135 million in 2010.
While continuing to use the Sensor-NITE brand name, Sensata will refer to this business as the High Temperature Sensors product family or HTS in future communications. HTS will become part of the company's global Sensors business.
Sensata Technologies President and Chief Operating Officer Martha Sullivan said, "The acquisition of Sensor-NITE provides Sensata with a new technology platform that will amplify the already-strong growth opportunities we are seeing in engine powertrain systems. We are looking forward to working with the Sensor-NITE team to bring these solutions to an even broader spectrum of customers as we continue to focus on products related to energy efficiency and a cleaner environment."
Chief Financial Officer Robert Hureau said, "We expect the acquisition to be immediately accretive to earnings and to generate significant value to our shareholders."
Sensata used a combination of cash on hand and funds from its revolving credit facility to finance the euro 225 million transaction.
About Sensata Technologies Holding N.V.
Sensata Technologies Holding N.V. is one of the world's leading suppliers of sensing, electrical protection, control and power management solutions. Employing approximately 11,500 people in nine countries, Sensata's products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle and marine applications. For more information, please visit Sensata's web site at [ www.sensata.com ].
About Sensor-NITE Group Companies
Sensor-NITE, formed in Belgium in 1996, is a Tier 1 supplier of high temperature exhaust gas sensors for the automotive industry. Its sensors are used for exhaust gas temperature monitoring in exhaust gas recirculation systems, diesel particulate filters, selective catalytic reduction, turbocharging systems (overheating detection/fuel economy), oxidation catalysts, NOx traps, and fuel reformers.
Safe Harbor Statement
This press release contains forward–looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Among others, such forward-looking statements include our belief that the Sensor-NITE acquisition will be accretive to earnings and that such acquisition will contribute to both net revenue and Adjusted Net Income growth in 2011 and beyond. 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: unanticipated difficulties or costs in integrating the Sensor-NITE business with our operations; integration of acquired companies; worldwide economic conditions; adverse developments in the automotive industry; fluctuations in foreign currency exchange, commodity and interest rates; competitive pressures; pricing and other pressures from customers; fundamental changes in the industries in which the Company operates; litigation and disputes involving the Company, including the extent of product liability and warranty claims asserted against the Company; labor disruptions and increased labor costs; the loss of one or more suppliers of raw materials; non-performance by suppliers; the Company's ability to protect its intellectual property; the Company's failure to comply with the covenants contained in the credit agreement governing its subsidiary's senior secured credit facility or its other debt agreements; the Company's dependence on third parties for transportation, warehousing and logistics services; compliance with Section 404 of the Sarbanes-Oxley Act of 2002; environmental, safety and governance regulations or concerns; changes in existing environmental and/or safety laws, regulations and programs; unfunded benefit obligations; and the Company's ability to secure financing to operate and grow its business or to explore opportunities. 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 or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our filings are available from our Investor Relations department or from the SEC website, [ www.sec.gov ].
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SOURCE Sensata Technologies Holding N.V.
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