Industrial technology company Sensata Technologies Holding PLC said May 22 that it entered into an agreement to sell its valves business to Japanese auto parts maker Pacific Industrial Co. Ltd. for a total enterprise value of approximately $173 million.
Sensata's valves business, which it acquired as part of its acquisition of the Schrader group of companies in 2014, manufactures mechanical valves for pressure applications in tires and fluid control and assembles tire hardware aftermarket products with the company's production sites in the U.S. and Europe.
Sensata said its valves unit generated approximately $117 million in revenue and $20 million in adjusted EBIT for full year 2017.
The proposed transaction with Pacific Industrial is subject to customary legal and regulatory requirements and is expected to close in the third quarter of 2018.
