Schrader has sales and engineering offices in the U.S., United Kingdom, Germany, China, Japan and South Korea, and manufacturing in the U.S., United Kingdom, France, Brazil and China. Schrader employs 2,500 globally, including more than 300 engineers.
Schrader is expected to generate about $550 million in revenue in 2014.
“The acquisition of Schrader extends Sensata's leadership position in pressure sensing and provides further access to a rapidly growing $2 billion low pressure sensor market where the largest current opportunity is in TPMS,” said Martha Sullivan, Sensata Technologies president and CEO. “Additionally, Schrader's expertise in MEMS sensing, wireless communications and ASIC design will be highly complementary; we are excited to welcome this talented team into Sensata's global organization.”
“Today is an exciting day as we move into the next phase in the evolution of Schrader. The addition of Schrader to Sensata's product portfolio makes sense strategically and operationally; we are aligned on our plans to continue to grow the business,” said Hugh Charvat, Schrader chairman, president and CEO.
Barclays Bank P.L.C. and Morgan Stanley Senior Funding Inc. have committed to provide debt financing to support the transaction.