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CORRECTED-Schneider Electric revives sensors unit sale-sources
(Corrects typo in headline)
NEW YORK, July 5 (Reuters) - French engineering company Schneider Electric SA is moving ahead with the sale of its U.S.-based sensors subsidiary, which had been postponed last year amid financing market turmoil, according to people familiar with the matter.
Schneider has received initial round bids for its Custom Sensors & Technologies unit, which could be valued at about 1 billion euros ($1.23 billion) and has attracted interest mostly from private equity firms, the sources said.
Schneider hired JPMorgan Chase & Co to sell the Moorpark, California-based unit last year and initially planned to start an auction around last August, sources told Reuters at that time. But the process was delayed as volatile financing markets made it harder and more expensive for private equity buyers to complete deals, the sources said.
With financing for leveraged buyouts are more readily available this year, the unit has gone on the auction block, according to the sources. A Schneider spokesman in Paris declined to comment.
The subsidiary makes sensors for the automotive, aeronautics, transportation, energy and infrastructure industries. (Reporting by Greg Roumeliotis and Soyoung Kim in New York; editing by Jeffrey Benkoe)
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