CTS acquires temperature sensor provider
CTS Corporation has completed the acquisition of TEWA Temperature Sensors SP. Zo.o. and its subsidiaries for an enterprise value of USD 24.5 million.
“We are excited to add another talented team to the CTS family,” said Kieran O’Sullivan, CEO of CTS Corporation in a press rleease. “The acquisition of TEWA supports our end market diversification strategy. The combination of TEWA’s distribution network and CTS’s direct selling model represent an opportunity to drive commercial synergies.”
TEWA is a designer and manufacturer of high-quality temperature sensors. Based in Lublin, Poland, TEWA was founded back in 1964 and serves customers across Europe and North America. TEWA will complement CTS’s temperature sensing platform and will expand the company's presence in Europe.
“We are eager to begin the next stage of TEWA’s journey as part of CTS Corporation. The temperature sensing industry is a vital contributor to advances in many sectors, and the ability to leverage the expertise across both organizations will further solidify our technical leadership. The TEWA team is delighted to join CTS Corporation, a global company with such a long and distinguished history,” adds Jacek Stachnik, TEWA Chairman.