Measurement Specialties Announces Acquisition of Intersema Sensoric SA
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Measurement Specialties, Inc.
1000 Lucas Way
Hampton, VA, 23666
Press release date: January 2, 2008
Extends pressure sensor line and expands global footprint
HAMPTON, Va., Jan. 2 -- 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.
Source: Measurement Specialties, Inc.
CONTACT: Mark Thomson, CFO of Measurement Specialties, Inc. +1-757-766-4224
Web site: http://www.meas-spec.com/ http://www.intersema.com/