Sensata Technologies Buys Wabash Technologies For Undisclosed Terms

(RTTNews) - Sensata Technologies Holding N.V. (ST), a maker of electronic sensors and controls, Friday announced that its units have completed the previously announced acquisition of Wabash Technologies from an affiliate of privately held Sun Capital Partners, Inc. The company did not disclose the terms of the deal.

It was on December 18 that Sensata announced the agreement to acquire Wabash. The company then had noted that the deal was not subject to regulatory review and was expected to close in January.

Wabash is a manufacturer of custom-designed sensors, including rotary and linear position, speed and engine timing sensors. The company also supplies fuel injection stators/actuators for diesel engines. Troy, Michigan -based Wabash, which employs approximately 960 people, is expected to generate revenues of about $75 million in 2013.

Martha Sullivan, Sensata President and Chief Executive Officer, earlier said, "This transaction aligns with Sensata's previously announced objective to execute on acquisitions that are close to our core business. Acquisitions such as this will help us achieve our target operating model of double-digit revenue growth during times of core market headwinds."

Sensata earlier stated that the acquisition will be accretive to earnings in 2014 prior to integration costs, and slightly dilutive after integration costs.