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© Elmos Business | September 23, 2019

Elmos to sell unit to TE Connectivity

Germany's, Elmos Semiconductor, says it has signed an agreement to sell its Milpitas, California-based subsidiary, Silicon Microstructures Inc. (SMI), to Measurement Specialties Inc. a subsidiary of TE Connectivity.

SMI has been in the hands of Elmos since 2001. The semiconductor sensor company develops and manufactures MEMS based pressure sensors (among them the IntraSense product family) with a focus towards the automotive, medical, and industrial markets. "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, in a press release. SMI is represented in the micromechanics segment of the Elmos Group. After closing of the transaction, the micromechanics segment will be discontinued. The companies expect to complete the transaction this year. 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. The final purchase price, based on a net debt-free enterprise value of USD 95.0 million, will be determined after customary adjustments at the closing date.
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October 11 2019 3:09 pm V14.5.0-1