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Print Edition StoriesMonday, March 1, 2010
Sensata details IPO plan for about $600M
By Mass High Tech staff
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Sensor and controls maker Sensata Technologies Inc. will offer 31.6 million shares at between $18 to $20 per share in its initial public offering, according to published reports.
PE Hub reports the Attleboro-based company will trade on the NYSE with ST as its ticker symbol.
That would give the company an IPO in the range of about $569 million to $632 million. In November, Sensata filed for the IPO with hopes to raise $500 million in the public markets, according to federal documents.
Sensata’s Dutch parent company Sensata Technologies Holding BV has filed for the IPO, but said 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 debt, including $1.48 billion of indebtedness under a senior secured credit facility. In comparison, Sensata ended 2008 with $1.4 billion in revenue.
Last February, Sensata cut 100 positions and gave buyout offers to 50 workers. The firm told the Attleboro-based Sun Chronicle newspaper at the time that 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 people, with approximately 900 in the United States.
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