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SWINDON, United Kingdom, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Sensata Technologies (NYSE:ST), an industrial technology company and a leading provider of sensors, today announced that it has completed the previously-announced divestment of its valves business to Pacific Industrial Co., Ltd. (“Pacific”) for an enterprise value of approximately $173 million. The transaction was closed on August 31, 2018.
The valves business was part of Sensata’s Performance Sensing segment and the expected timing of the transaction closing in the third quarter was reflected in Sensata’s guidance for the third quarter and full year 2018 provided on July 24, 2018.
About Sensata Technologies
Sensata Technologies is one of the world’s leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in 12 countries. Sensata’s products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, ventilation, and air conditioning, data, telecommunications, recreational vehicle, and marine applications. For more information, please visit Sensata’s website at www.sensata.com.
Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the Company’s current expectations regarding the timing for closing of the transaction and its uses of proceeds. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the parties' ability to receive regulatory approvals and satisfy conditions to closing as well as other factors discussed in materials that Sensata from time to time files with, or furnishes to, the U.S. Securities and Exchange Commission. There is no assurance that a transaction involving all or part of the valves business will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, the Company disclaims any obligation to update or revise any forward-looking statements. 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 we undertake no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise. See "Risk Factors" in the Company's 2017 Annual Report on Form 10-K and other public filings and press releases. Copies of our filings are available from our Investor Relations department or from the SEC website, www.sec.gov.