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Press Release

Sensata Technologies Strengthens Position in Electrification through Acquisition of GIGAVAC

SEP 24, 2018

Fast growing provider of high-voltage contactors extends Sensata’s content on electrified applications in automotive, industrial and HVOR markets

SWINDON, United Kingdom, Sept. 24, 2018 (GLOBE NEWSWIRE) — Sensata Technologies (NYSE:ST), an industrial technology company and a leading provider of sensors, today announced that it has reached an agreement to acquire privately-held GIGAVAC, LLC for an enterprise value of approximately $233 million, funded out of the company’s cash balances.

As demand for electrification grows, Sensata’s solutions are helping customers improve the efficiency, performance, and safety of electrified vehicles and equipment. Today, Sensata has expanding positions in high-growth applications such as electrical protection, thermal management, and regenerative braking. The addition of GIGAVAC’s portfolio will enable Sensata to tap into a broad $1 billion market opportunity for high-voltage contactors required in electrified products such as cars, delivery trucks, buses, material handling equipment, and charging stations. GIGAVAC will immediately augment Sensata’s ongoing investments in mission-critical sensing and electrical protection across electrified vehicles and industrial equipment.

“Over the past four months, we have significantly strengthened Sensata’s overall portfolio by divesting our lower growth valves business, and acquiring a fast-growing, highly differentiated business in GIGAVAC,” said Martha Sullivan, President & CEO of Sensata. “The acquisition of GIGAVAC immediately increases Sensata’s content and capabilities for electrification. Electrification is a compelling tailwind for Sensata and our content on battery electric vehicles, including an additional $20 of content from GIGAVAC, now exceeds our content on gas and diesel vehicles. As we expand GIGAVAC’s customer reach, we expect to accelerate growth as the industry moves toward a more electrified fleet. We also expect to leverage GIGAVAC’s strong reputation and rich product pipeline to capitalize on exciting growth opportunities in the HVOR and Industrial markets.”

Based in Carpinteria, California, GIGAVAC has more than 270 employees and is a leading provider of solutions that enable electrification in demanding environments. Its high-value, mission-critical products are used by more than 1,500 customers in complex and challenging applications within the automotive, battery storage, industrial, and heavy vehicle & off road markets and overlap with Sensata’s global customer base. Reflecting the substantial demand for its technology, GIGAVAC’s revenues have grown by a CAGR of more than 30% over the past five years and the company expects to record approximately $80 million in revenue for 2018, which is primarily generated from customers in the United States.

Sensata is committed to supporting its customers’ global initiatives for fuel and energy efficiency and a cleaner environment. Whether in mobile vehicle, stationary, residential or commercial and industrial applications, this trend is driving higher voltage and current levels across industries and applications where Sensata operates. GIGAVAC’s high voltage contactors are critical to the operation of battery electric vehicles, enabling the higher current levels required for improved power, range, and recharging times. GIGAVAC’s contactors provide safe operation at extremely high current levels, satisfying the critical power and charging needs of next generation electric vehicles. GIGAVAC’s contactors are also well-positioned to enable fast charging, a key enabler of the adoption of electric vehicles. Additionally, GIGAVAC is at the forefront of new product innovations, with a robust pipeline of products aligned to meet the evolving needs of future electric vehicle concepts.

The acquisition is expected to be slightly accretive to Sensata’s FY-2019 adjusted earnings per share. The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2018. Sensata intends to maintain GIGAVAC’s existing employee base and operations in Carpinteria, California following the transaction. The site will become a center of excellence for Sensata’s future development efforts in contactors and relays.

Sensata will provide a more thorough discussion about how GIGAVAC fits into its overall electrification strategy at its next earnings conference call.

About Sensata Technologies

Sensata Technologies is one of the world’s leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in 11 countries. Sensata’s products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, ventilation, and air conditioning, data, telecommunications, recreational vehicle, and marine applications. For more information, please visit Sensata’s website at www.sensata.com.

Safe Harbor Statement

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the Company’s current expectations regarding the timing for closing of the transaction and its uses of proceeds. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the parties’ ability to receive regulatory approvals and satisfy conditions to closing as well as other factors discussed in materials that Sensata from time to time files with, or furnishes to, the U.S. Securities and Exchange Commission. There is no assurance that a transaction involving all or part of the valves business will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made; and we undertake no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise. See “Risk Factors” in the Company’s 2017 Annual Report on Form 10-K and other public filings and press releases. Copies of our filings are available from our Investor Relations department or from the SEC website, www.sec.gov.

Contacts:

Investors:
Joshua Young
(508) 236-2196
Joshua.young@sensata.com

Media:
Alexia Taxiarchos
Sensata Technologies
(508) 236-1761
ataxiarchos@sensata.com

SensataGlobal News Wire News Release Logo

Source: Sensata Technologies



Press Releases

MEDTRONIC TO ACQUIRE MAZOR ROBOTICS

Acquisition to Accelerate Medtronic’s Strategy to Transform Spinal Procedures and Improve Outcomes Through Fully-Integrated Surgical Solutions
UBLIN and CAESAREA, Israel - September 20, 2018 – Medtronic plc (NYSE:MDT), a global leader in medical technology, and Mazor Robotics (NASDAQ: MZOR, TASE: MZOR.TA), a pioneer in the field of robotic guidance systems, today announced the companies have entered into a definitive merger agreement under which Medtronic will acquire all outstanding ordinary shares of Mazor for $58.50 per American Depository Share, or $29.25 (104.80 ILS) per ordinary share, in cash, for a total of approximately $1.64 billion, or $1.34 billion net of Medtronic’s existing stake in Mazor and cash acquired. The boards of directors of both companies have unanimously approved the transaction.

Medtronic’s acquisition of Mazor strengthens Medtronic’s position as a global leader in enabling technologies for spine surgery, and drives Mazor Robotics’ vision to bring its core technology to the forefront of the global market. Mazor‘s proprietary core platform technology, including the Mazor X™ Robotic Guidance System
(Mazor X), and the Renaissance® Surgical-Guidance System (Renaissance), are transforming spinal surgery from freehand procedures to accurate, state-of-the-art, guided procedures. By combining Medtronic’s market-leading spine implants, navigation, and intra-operative imaging technology with Mazor’s robotic-assisted surgery (RAS) systems, Medtronic intends to offer a fully-integrated procedural solution for surgical planning, execution and confirmation. The companies plan to showcase this technology integration at the upcoming NASS (North American Spine Society) 2018 Annual Meeting in Los Angeles.

“We believe robotic-assisted procedures are the future of spine surgery, and provide surgeons a more precise, repeatable, and controlled ability to perform complex procedures. Medtronic is committed to accelerating the adoption of robotic-assisted surgery and transforming spine care through procedural solutions that integrate implants, biologics and enabling technologies,” said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic. “The acquisition of Mazor adds robotic-assisted guidance systems to our expanding portfolio of enabling technologies, and we intend to Project Dynamo
Communications Packet further cultivate Mazor’s legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth."

This transaction builds on a relationship originated in May 2016 under a multi-phased strategic and equity investment agreement between Medtronic and Mazor. In August 2017, Medtronic expanded the partnership to become the exclusive worldwide distributor of the Mazor X system, leading to the successful installation of more than 80 Mazor X systems since launch. With today’s announcement, in bringing the two companies together Medtronic aims to accelerate the advancement and adoption of RAS in spine to the benefit of patients, providers, and the healthcare system more broadly.
“Today is a historic day for spine surgery and a defining event in the market’s evolution, and I want to acknowledge and thank all of those whose contribution and faith have been so critical and impactful to our success,” said Ori Hadomi, CEO of Mazor Robotics. “The Mazor team and product portfolio’s full integration into Medtronic will maximize our impact globally through Medtronic’s channels, advance our systems’ leadership position in the marketplace, and drive the realization of our vision to heal through innovation.

Financial Highlights

The acquisition is expected to close during Medtronic’s third fiscal quarter ending Jan. 25, 2019, subject to the satisfaction of customary closing conditions including receipt of regulatory clearances and approval by Mazor’s shareholders. The transaction is expected to be modestly dilutive to Medtronic’s fiscal 2019 adjusted earnings per share, but given the current strength of Medtronic’s business, the company expects to absorb the dilution.

Consistent with its long-term financial objectives, Medtronic projects the acquisition to generate a double-digit return on invested capital (ROIC) by year four, with an increasing contribution thereafter.
Medtronic’s financial advisors for the transaction are Perella Weinberg Partners LP and Goldman Sachs & Co. LLC, with Meitar Liquornik Geva Leshem Tal and Ropes & Gray LLP acting as legal advisors. Mazor's financial advisors are J.P. Morgan Securities LLC, Duff & Phelps LLC, with Kirkland & Ellis LLP and Luchtenstein Levy Wiseman Law office acting as legal advisor.

About Mazor Robotics
Mazor, founded in 2001, pioneered the application of robotics technology and guidance for use during spinal procedures, and is the market segment’s leader. In 2011, the Company introduced the Renaissance system and in 2016 launched the next generation Mazor X system. To date, more than 200 Mazor systems are in clinical use on four continents and have guided the placement of more than 250,000 implants during some 40,000 procedures, enabling minimally-invasive spine surgery to become standard procedure in many hospitals. Mazor’s core technology has received more than 15 U.S. Food and Drug Administration clearances and has been the subject of more than 60 publications, leading the spine robotics market on the evidence front. Mazor is the holder of more than fifty patents worldwide.

About Medtronic
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Any forward-looking statements, including, but not limited to, statements regarding the proposed transaction between Medtronic and Mazor, the expected timetable for completing the transaction, strategic and other potential benefits of the transaction, including meeting Medtronic’s long-term financial metrics for acquisitions, Mazor's products and product candidates, and other statements about Medtronic or Mazor managements' future expectations, beliefs, goals, plans or prospects, are subject to risks and uncertainties including, but not limited to, the ability and timing to satisfy conditions to closing including shareholder and regulatory approvals, the impact of the announcement of the transaction on the business, and other risks and uncertainties such as those described in Medtronic's and Mazor's reports and other filings with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic and Mazor caution investors not to place considerable reliance on the forward-looking statements contained in this press release. These forward-looking statements speak only as of the date of this document, and Medtronic and Mazor undertake no obligation to update or revise any of these statements except to the extent required by law.

In connection with the proposed transaction, Mazor intends to mail a proxy statement to its shareholders and furnish a copy of the proxy statement with the SEC on Form 6-K. Shareholders of Mazor are urged to read the proxy statement and the other relevant material when they become available because they will contain important information about Mazor, Medtronic, the proposed transaction and related matters. Shareholders are urged to carefully read the proxy statement and other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction. The proxy statement (when available) may be obtained for free at the SEC's website at www.sec.gov. In addition, the proxy statement will be available, without charge, at Mazor’s website at www.mazorrobotics.com.

Please contact us at phone number 631-747-7237 if you would like to submit a press release on our website. Thank you

Glenford Robinson

I am a Clinical Lab Scientist, entrepreneur, investor and trader (stocks and Forex). I enjoy writing and publishing articles online.

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