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Print Edition StoriesWednesday, November 25, 2009
Sensata Technologies tackles a $500M IPO plan
By Rodney Brown
MHT's Galen Moore: Honoring innovation in New England
Sensor and controls maker Sensata Technologies Inc. of Attleboro has filed for an initial public offering with hopes to raise $500 million in the public markets, according to federal documents.
Specifically, Sensata’s Dutch parent company Sensata Technologies Holding BV has filed for the IPO, but that is simply the ownership entity established when Bain Capital Partners bought Sensata from Texas Instruments in 2006.
Sensata’s sensor and control products are based on its core technology platforms—thermal and magnetic-hydraulic circuit protection, micro electromechanical systems, or “MEMS,” ceramic capacitance or capacitive, and monosilicon gage. The company counts among its customers BMW, Boeing, Caterpillar, Ford, GM, Hitachi, Huawei, John Deere, LG, Nissan, Panasonic, Samsung Electronics and Volkswagen.
The company noted in its filing with the U.S. Securities and Exchange Commission that it carries a significant debt load. As of Sept. 30, 2009, the company had $2.4 billion of outstanding indebtedness, including $1.48 billion of indebtedness under a senior secured credit facility. In comparison, Sensata ended 2008 with $1.4 billion in revenue.
In February, Sensata cut 100 positions and had given buyout offers to 50 workers. The firm told the Attleboro-based Sun Chronicle newspaper at the time it had taken several preliminary initiatives to avoid layoffs -- including overtime reductions, less travel, forced time off and compulsory plant closings. Sensata employs about 8,600, with approximately 900 in the United States.
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