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Schrader International, held by private equity
firm Madison Dearborn Partners LLC, is the global leader in TPMS,
Sensata said on Monday.
The device that alerts driver when a tire is under-inflated —
now standard for all cars in North America — is being
increasingly used in Europe and Asia.
Denver-headquartered Schrader sells TPMS and other sensors in
the United States, the United Kingdom, Germany, China, Japan and
South Korea. It employs 2,500 people and is expected to generate
$550 million in revenue this year, Sensata said.
Netherlands-based Sensata said it expects the deal to reduce
adjusted earnings by 13-16 cents per share in 2014.
Barclays Bank Plc and Morgan Stanley Senior Funding Inc have
committed to finance the deal, expected to close in the fourth
quarter.
Centerview Partners advised Sensata, while Barclays, Citigroup
and Guggenheim Securities advised Schrader.
(This story has been refiled to correct paragraph five to say
deal will reduce adjusted earnings, not add to them)
(Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet
Das)
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