Extends pressure sensor line and expands global footprint
HAMPTON, Va., Jan. 2 /PRNewswire-FirstCall/ -- Measurement Specialties,
Inc. (Nasdaq: MEAS), a global designer and manufacturer of sensors and
sensor-based systems, announced the acquisition of Intersema Sensoric SA
(http://www.intersema.com). Located in Bevaix, Switzerland, Intersema is a
leading designer/manufacturer of pressure sensors and modules. MEAS acquired
the outstanding capital stock of Intersema for approximately $39.7 million in
cash and notes, plus an additional $17.3 million if certain performance
thresholds are achieved. MEAS acquired approximately $9.6 million in cash as
part of the transaction. The transaction closed December 28, 2007.
Frank Guidone, Company CEO commented, "We are very excited about the
addition of Intersema to our sensor portfolio. Intersema is a leader in the
barometric and sub-sea depth measurement markets, and extends our pressure
capabilities with the addition of low pressure, harsh media and ultra-small
packaged configurations. On an annualized basis, we expect the transaction
will add approximately $17 million in sales, and will improve our blended
gross and operating margins. We believe the additional infrastructure we gain
in Switzerland will provide us a much needed base of engineering talent and
infrastructure to address the European pressure market.
"We are equally enthusiastic about the transaction", added Manfred Knutel,
Intersema CEO. "Our customers can rest assured that as a Measurement
Specialties company we will continue to provide the products, service and
engineering support they have come to rely on from Intersema, with the added
benefit of access to the broader product portfolio and global sales and
operations network of MEAS."
About Measurement Specialties. Measurement Specialties, Inc. (MEAS)
designs and manufactures sensors and sensor-based systems to measure precise
ranges of physical characteristics such as pressure, temperature, position,
force, vibration, humidity and photo optics. MEAS uses multiple advanced
technologies -- including piezoresistive, electro-optic, electro-magnetic,
capacitive, application specific integrated circuits (ASICs),
micro-electromechanical systems (MEMS), piezoelectric polymers and strain
gauges -- to engineer sensors that operate precisely and cost effectively.
About Intersema Sensoric SA.
Intersema Sensoric SA, located in Bevaix, Switzerland designs and manufactures
high precision MEMS-based pressure sensors for consumer goods, automotive and
aircraft industries, as well as various medical and industrial applications.
Intersema has supplied over 30 million sensors in the field, and is a
recognized leader in the field of low energy sensor applications. Intersema
marketed the world's first digital pressure sensor for mobile devices as well
as the first calibrated digital pressure sensors for wristwatches and weather
stations.
This release includes forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. Forward looking statements
may be identified by such words or phrases "should", "intends", " is subject
to", "expects", "will", "continue", "anticipate", "estimated", "projected",
"may", "we believe", "future prospects", or similar expressions. The
forward-looking statements above involve a number of risks and uncertainties.
Factors that might cause actual results to differ include, but are not limited
to, success of any reorganization; ability to raise additional funds;
conditions in the general economy and in the markets served by the Company;
competitive factors, such as price pressures and the potential emergence of
rival technologies; interruptions of suppliers' operations affecting
availability of component materials at reasonable prices; timely development
and market acceptance, and warranty performance of new products; success in
integrating prior acquisitions; changes in product mix, costs and yields,
fluctuations in foreign currency exchange rates; uncertainties related to
doing business in Hong Kong and China; and the risk factors listed from time
to time in the Company's SEC reports. The Company from time-to-time considers
acquiring or disposing of business or product lines. Forward-looking
statements do not include the impact of acquisitions or dispositions of
assets, which could affect results in the near term. Actual results may
differ materially. The Company assumes no obligation to update the
information in this issue.
Company Contact: Mark Thomson, CFO, (757) 766-4224
SOURCE Measurement Specialties, Inc.
Mark Thomson, CFO of Measurement Specialties, Inc., +1-757-766-4224
