Sensata Technologies Announces The Acquisition Of Wabash Technologies
ALMELO, Netherlands, Dec. 18, 2013 /PRNewswire/ -- Sensata Technologies Holding N.V. (NYSE: ST) 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.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in private equity investing, uniquely combining the financial skills and resources of a traditional private equity firm with the insight and expertise of a world class operating team. The firm focuses on market-leading companies that can benefit from our in-house professionals, resources, and expertise in their efforts to materially improve operating performance. Sun Capital affiliates have invested in more than 330 companies worldwide with combined sales in excess of $45 billion since its inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.
Safe Harbor Statement
This earnings release contains forward-looking statements within the meaning of the federal securities laws. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable, and our future prospects, developments and business. Such forward-looking statements include, among other things, the Company's anticipated results for 2013, 2014 and 2015. Such statements involve risks or uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause these differences include, but are not limited to, risks associated with: worldwide economic conditions; governmental regulations, policies, and practices relating to the Company's non-US operations and international business; fluctuations in foreign currency exchange, commodity and interest rates; competitive pressures; pricing and other pressures from customers; adverse developments in the automotive industry; litigation and disputes involving the Company, including the extent of product liability and warranty claims asserted against the Company; non-performance by suppliers; integration of acquired companies; fundamental changes in the industries in which the Company operates; the loss of one or more suppliers of raw materials; 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 the Company undertakes 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 the Company's SEC filings. Copies of the Company's filings are available from its Investor Relations department or from the SEC website, www.sec.gov.
SOURCE Sensata Technologies Holding N.V.