Texas Instruments Sells Sensors & Controls Business for $3B
DALLAS, Jan. 16, 2006 -- Texas Instruments Inc. (TI) has agreed to sell its Sensors & Controls business to affiliates of Bain Capital LLC, a global private equity investment firm with headquarters in Boston, for $3 billion in cash.
Sensors & Controls, which is based in Attleboro, Mass., supplies engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets. With revenue exceeding $1 billion annually, Sensors & Controls has approximately 5400 employees in the Americas, Europe and Asia. The sale will not include the radio frequency identification systems operations, which will remain part of Texas Instruments.
"This agreement is about unlocking value," said TI President and CEO Rich Templeton. "TI will intensify its focus on our high-growth core digital signal processing and analog semiconductor opportunities, while Sensors & Controls will have greater access to the investment and strategic resources it needs to fuel its future growth."
Thomas Wroe Jr., president of Sensors & Controls, and the current management team will continue to lead the organization, according to a prepared statement released by both companies. TI's board of directors has approved the sale, which is expected to be completed in the first half of 2006 and which is subject to regulatory approval.
For more information, visit: www.ti.com
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