Texas Instruments to sell sensors unit for $3 billion to private investment firm
Monday, January 9th 2006, 10:03 am
By: News On 6
DALLAS (AP) _ Texas Instruments Inc., one of the world's oldest and largest chip makers, said Monday it is selling its sensors and controls business for $3 billion (euro2.5 billion) in cash to Bain Capital LLC, a private investment firm.
The sensor unit supplies engineered sensors and controls to the automotive, aircraft and appliance industries among others. The business is headquartered in Attleboro, Mass. It has about 5,400 employees in the Americas, Europe and Asia, and more than $1 billion (euro830 million) in annual revenue.
Texas Instruments said it is shifting more focus to high-growth, digital signal processing and analog chips. It expects to close the deal within the first half of this year.
``This agreement is about unlocking value,'' Chief Executive Rich Templeton said in a statement. ``TI will intensify its focus on our high-growth core digital signal processing and analog semiconductor opportunities, while sensors and controls will have greater access to the investment and strategic resources it needs to fuel its future growth.''