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Sensata Technologies Holding N.V. (NYSE: ST) www.sensata.com announced today that certain subsidiaries have reached an agreement to acquire Wabash Technologies, Inc. from an affiliate of Sun Capital Partners, Inc. Terms of the acquisition were not disclosed. The transaction is not subject to regulatory review and is expected to close in January.
Wabash is a leading designer and manufacturer of a broad range of custom-designed sensors, including rotary and linear position, speed and engine timing sensors. The company also supplies fuel injection stators/actuators for diesel engines.
Wabash was founded in 1946 and employs approximately 960 people, is headquartered in Troy, Michigan and operates manufacturing facilities in Mexicali, Mexico and Huntington, Indiana. The company's customer base includes major U.S. and European OEMs and leading Tier 1 systems suppliers serving the automotive, heavy vehicle, agriculture, construction and off-highway markets. Wabash is expected to generate revenues of approximately $75 million in 2013.
"This transaction aligns with Sensata's previously announced objective to execute on acquisitions that are close to our core business. Acquisitions such as this will help us achieve our target operating model of double-digit revenue growth during times of core market headwinds," said Martha Sullivan, Sensata Technologies President and Chief Executive Officer. "Wabash's position in the magnetic, speed and position sensing market builds on current Sensata capabilities and provides new capabilities in throttle position and transmission range sensing while enabling additional entry points into the important heavy vehicle and off-road market."
Sensata's Chief Operating Officer and Acting Chief Financial Officer Jeff Cote said, "The transaction will be accretive to earnings in 2014 prior to integration costs, and although slightly dilutive after integration costs, we believe it represents a strategically sound use of capital."
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 with operations and business centers in 11 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 and ventilation, data, telecommunications, recreational vehicle and marine applications. For more information, please visit Sensata's website at www.sensata.com.
About Wabash Technologies, Inc.
Wabash Technologies, Inc. designs and manufactures sensors, actuators, and assemblies to original equipment vehicle, engine, and power equipment manufacturers. The company was founded in 1946 and is based in Troy, Michigan with manufacturing facilities in Mexicali, Mexico and Huntington, Indiana and sales applications centers in Troy, Michigan and Swindon, United Kingdom. For more information, please visit www.wabashtech.com.
