TE expanding into sensor market through Measurement Specialties
By seeing huge potential in sensor market, TE Connectivity has decided to acquire a big sensor maker Measurement Specialties for approximately $1.7 billion. TE wanted to become one of the largest sensor companies in the world through this acquisition. The sensor market is a fragmented, large and high-growth market, and the acquisition increases TE's addressable market by nearly $40 billion, says TE.
Measurement Specialties makes sensors and sensor-based systems with expected revenue of $540 million in its current fiscal year. The product range includes pressure, vibration, force, temperature, humidity, ultrasonics, position and fluid, for a wide range of applications and industries.
"The acquisition of Measurement Specialties is a key part of our strategy to be a leader in the very attractive, high-growth sensor industry and adds nearly $40 billion to our addressable market," said Tom Lynch, TE Connectivity Chairman and CEO. "We are excited about this acquisition as it enables TE to provide customers with an unmatched range of connectivity and sensor solutions that are essential in a world where everything is increasingly connected. We look forward to combining Measurement Specialties' strong breadth of products and technologies with our deep customer relationships and global scale. We are also delighted to welcome their talented team to TE."
Frank Guidone, CEO of Measurement Specialties, said, "The sensor market is quite strong, with both the number of applications and the content per unit increasing every year. We are excited to expand our product offerings to customers around the world through TE's unparalleled go-to-market capabilities. We look forward to working with TE toward a seamless integration for our customers and employees, and becoming the supplier of choice for customers' sensing requirements."