Elmos Semiconductor AG (FSE: ELG) signed an agreement today to sell Silicon Microstructures Inc. (SMI), Milpitas, California, to Measurement Specialties Inc., Berwyn, Pennsylvania, a subsidiary of TE Connectivity Ltd. (NYSE: TEL) (TE). Closing of the transaction is expected to take place this year and is subject to customary closing conditions.
Elmos acquired SMI in 2001. SMI has a market-leading offering in the automotive and industrial sectors that includes pressure offerings for transmission (auto) and HVAC (industrial) applications. Driven by innovations, especially with low pressure sensors for respiration devices and the award winning IntraSense™ product family SMI is expanding its position in the medical sector as well.
"The IntraSense™ products have now reached a phase in which a financially strong partner with a broader market presence, such as TE, can implement economic success faster and put it on a strong footing," says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.
SMI is represented in the micromechanics segment of the Elmos Group. After closing of the transaction, the micromechanics segment will be discontinued.
After closing of the transaction, Elmos will concentrate on the further development of its semiconductor core business with the business lines Sensors, Smart Control and Smart Solutions, whereby the focus will continue to be on the expansion of the market share with innovative, differentiating solutions, especially for the automotive sector.
On September 23, 2019 Elmos will hold a conference call (in English) for analysts and investors at 11.30 a.m. (CEST).
About Elmos Semiconductor AG
Elmos develops, produces and markets semiconductors and sensors, primarily for use in the automotive industry. Our components communicate, measure, regulate and control safety, comfort, powertrain and network functions. For over 30 years, Elmos innovations have been bringing new functions to life and making mobility worldwide safer, more comfortable and more energy efficient.
This release contains forward-looking statements that are based on assumptions and estimates made by the Elmos management. Even though we assume the underlying expectations of the forward-looking statements to be realistic, we cannot guarantee the expectations will prove right. The assumptions may carry risks and uncertainties, and as a result actual events may differ materially from the forward-looking statements. Among the factors that could cause such differences are changes in general economic and business conditions, fluctuations of exchange rates and interest rates, the introduction of competing products, lack of acceptance of new products, and changes in business strategy. Elmos neither intends nor assumes any obligation to update its statements with respect to future events.
Elmos Semiconductor AG
Mathias Kukla, Press Relations, Telephone: +49231-7549-199