Knowles Corporation (NYSE: KN), a market leader and global supplier of advanced micro-acoustic, audio processing, and precision device solutions, today announced that it has completed the sale of its timing device (oscillator) business, part of the Precision Devices segment, to Microsemi Corporation (Nasdaq: MSCC) for $130 million in cash, subject to customary adjustments. The Company expects to use a portion of the net proceeds to reduce outstanding borrowings under the Company’s revolving credit facility.
The Company expects to reclassify the assets, liabilities and results of the operations of the timing device business to discontinued operations in the fourth quarter of 2017.
The divestiture of the timing device business reduces the Company’s fourth quarter guidance for continuing operations by approximately $26 million in revenues and reduces GAAP and Non GAAP EPS by approximately $0.02.
Knowles Corporation (NYSE: KN) is a market leader and global supplier of advanced micro-acoustic, audio processing, and precision device solutions, serving the mobile consumer electronics, communications, medical, military, aerospace, and industrial markets. Knowles uses its leading position in MEMS (micro-electro-mechanical systems) microphones and strong capabilities in audio processing technologies to optimize audio systems and improve the user experience in smartphones, tablets, and wearables. Knowles is also the leader in acoustics components used in hearing aids and has a strong position in high-end capacitors. Knowles’ focus on the customer, combined with unique technology, proprietary manufacturing techniques, rigorous testing and global scale, enables it to deliver innovative solutions that optimize the user experience. Founded in 1946 and headquartered in Itasca, Illinois, Knowles is a global organization with employees in 12 countries. For more information, visit knowles.com.