Sensata Technologies plans to raise up to $500 million in initial public offering
By APWednesday, November 25, 2009
Sensata plans to raise up to $500 million in IPO
NEW YORK — Sensata Technologies Holding BV, which makes engineered sensors and controls for manufacturers in the automotive, aircraft and other industries, plans to raise up to $500 million in an initial public offering.
The company operated as part of chip maker Texas Instruments Inc. from 1959 until it was sold to Bain Capital to operate as a stand-alone company in 2006.
Sensata said in a filing with the Securities and Exchange Commission it plans to use the proceeds from the IPO to repay debt and for general corporate purposes.
The company recently posted third-quarter sales of $302.5 million, a decrease of 16 percent from the same period a year earlier.
Its main U.S. operating subsidiary is Sensata Technologies Inc. based in Attleboro, Mass.
The underwriters include Morgan Stanley, Barclays Capital, Goldman Sachs and others.
