Schneider Looks To Sell Sensor Business: Report
According to a Reuters report, Schneider Electric is in negotiations with The Carlyle Group and PAI Partners to sell its sensors business in a deal valued at approximately $900 million.
Schneider said it would reinvest about $100 million in the Custom Sensors & Technologies (CST) business in order to have a shareholding of about 30%. CST combines the brands of Crouzet, Kavlico, Crydom and former divisions of BEI Technologies including Newall and Systron Donner and has approximately 4500 employees in more than 30 countries.
Its product range encompasses inertial sensors, including rate of rotation and rate and acceleration sensor clusters; pressure and fluid level sensors; position sensors including potentiometric, micro-switches and Hall effect; along with seat-belt tensioners. Target markets include transportation and energy and the company has revenues of about $600 million last year.
"CST is a well-run, global company, positioned in an attractive marketplace," Laurent Rivoire, a partner at PAI, said in a joint statement with The Carlyle Group.
The deal is subject to consultation with French staff works councils, after which the companies said they would enter final negotiations.