Sensata sells semi test and thermal business to Boyd
Sensata Technologies announces that it has sold its Qinex semiconductor thermal test and control business to Boyd Corporation for total consideration of $219 million, including a small secondary closing.
Sensata’s Qinex business manufactures semiconductor burn-in test sockets and thermal control solutions. Prior to this divestiture, Qinex operated mostly as a stand-alone business, reporting through the Industrials business unit within Sensing Solutions, as stated in a company press release.
Qinex performs well for customers and has contributed nicely to the rest of Sensata over the years, said Jeff Cote, CEO and President of Sensata Technologies, said in the press release. However, it does not align to our growth strategies and will be better positioned as part of Boyd to further expand its semiconductor testing and thermal management capabilities. Additionally, by divesting Qinex we can further fund our capital deployment initiatives, including funding our growth vectors of Electrification and Insights/IoT.
Sensata will continue to manufacture Qinex’s products under a contract manufacturing agreement with Boyd for a period of 6 to 12 months.