Elmos to sell Silicon Microstructures Inc. to TE Connectivity for $95 Million
Elmos Semiconductor AG has agreed to sell Silicon Microstructures Inc. (SMI), Milpitas, California, to Measurement Specialties Inc., Berwyn, Pennsylvania, a subsidiary of TE Connectivity Ltd. The final purchase price, based on a net debt-free enterprise value of US$95.0 million, will be determined after customary adjustments at the closing date.
Elmos acquired SMI in 2001. SMI has a market-leading offering in the automotive and industrial sectors that includes MEMS pressure offerings for transmission (auto) and HVAC (industrial) applications. Driven by innovations, especially with low pressure sensors for respiration devices and the award winning IntraSense™ product family SMI is expanding its position in the medical sector as well.
"The IntraSense™ products have now reached a phase in which a financially strong partner with a broader market presence, such as TE, can implement economic success faster and put it on a strong footing," says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.
SMI is represented in the micromechanics segment of the Elmos Group. After closing of the transaction, the micromechanics segment will be discontinued.
After closing of the transaction, Elmos will concentrate on the further development of its semiconductor core business with the business lines Sensors, Smart Control and Smart Solutions, whereby the focus will continue to be on the expansion of the market share with innovative, differentiating solutions, especially for the automotive sector.