Worldwide locations, management, employees remain unchanged following purchase of business from Texas Instruments
ATTLEBORO, Massachusetts – The purchase of Texas Instruments‘ Sensors & Controls business — the world’s preeminent supplier of sensors and controls — was completed today by Bain Capital, a leading global private investment firm based in Boston, for $3 billion.
The sale creates a standalone company, Sensata Technologies Inc., which is headquartered in Attleboro, Mass. with additional manufacturing and technology development centers located in Brazil, China, Holland, Japan, Korea, Malaysia and Mexico, and sales offices around the world. Worldwide, the company employs 5,400 people, including 3,750 in the Americas, 1,350 in Asia and 300 in Europe. Sensata Technologies President and Chief Executive Officer, Tom Wroe, said, "Although some things are changing — such as our name and logo — most things are not, including our locations, our people, and our collective commitment to customer service, excellence and innovation. The message here is one of stability and consistency."
Noting that the completion of the sale represents a new chapter in a business with a long history of excellence and innovation, Wroe added, "This agreement is about unlocking value for our customers and employees. As a standalone company, we will be in a better position to pursue growth than we were as a non–strategic division of a large semiconductor company.
Steve Zide, a Managing Director at Bain Capital, said, "Sensata Technologies is the preeminent supplier of sensors and controls across a broad array of geographies and applications, and enjoys long–standing customer relationships. We are enthusiastic about the company’s long–term potential and look forward to supporting the management team’s strategies for worldwide growth." Bain Capital has a strong track record of purchasing non–core divisions of large, multinational companies and partnering with the management team and employees to build significant value.
Sensata Technologies was founded 90 years ago as General Plate Company in Attleboro and merged with Texas Instruments in 1959. Over the years, the company has had several different names and configurations, according to Wroe. However, throughout its history, it never lost sight of its dedication to technical leadership and its commitment to customers, and always maintained an ability to adapt quickly and skillfully to rapid changes within its various global markets.
In fact, it was in its global standing that the company found inspiration for its new name: Sensata
— a Latin word meaning "those things gifted with sense."
"With its connection to our core business — sensors — the name is a perfect fit," said Wroe. "But Sensata is more than just a word. It is a symbol of our new company and our new vision. And most importantly, it is a promise: to deliver innovative solutions that will grow business for our customers and Sensata."
He concluded, "As we move into the future as Sensata Technologies, we look forward to capitalizing on opportunities previously closed to us, and to unleashing the talents and energy of our people as never before." About Sensata Technologies
Sensata Technologies, formerly the Sensors & Controls business of Texas Instruments, provides leaders in the global automotive, appliance, aircraft, industrial and HVAC markets with sensing and protection solutions that improve safety and efficiency for millions of people every day. Headquartered in Attleboro, Massachusetts, Sensata Technologies has nine technology and manufacturing centers in eight countries, and sales offices throughout the world. For more information, visit www.sensata.com
. About Bain Capital
Bain Capital (www.baincapital.com) is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity and leveraged debt assets with more than $38 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add–on acquisitions in over 230 companies around the world, including such technology and manufacturing companies as FCI, UGS, ChipPAC and Therma–Wave. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Tokyo, Hong Kong and Shanghai. About Texas Instruments
Texas Instruments Incorporated provides innovative DSP and analog technologies to meet our customers‘ real world signal processing requirements. In addition to Semiconductor, the company’s businesses include Educational & Productivity Solutions. TI is headquartered in Dallas, Texas, and has manufacturing, design or sales operations in more than 25 countries. Texas Instruments is traded on the New York Stock Exchange under the symbol TXN. More information is located on the World Wide Web at www.ti.com.