Cypress Announces Sale of Automotive Image Sensor Business to Sensata Technologies
SAN JOSE, Calif.,--Cypress Semiconductor Corp. (NYSE:CY) today announced that it has entered into a definitive agreement to sell its SMaL Camera Technologies, Inc. subsidiary to Sensata Technologies, Inc. The transaction is expected to close later this quarter.
SMaL Camera provides cameras and camera subsystems to automotive advanced driver assistance systems for such customers as Bosch and Delphi. The company has approximately 25 employees.
"Cypress acquired SMaL Camera in February 2005 and with it came great technology to supplement our image sensor business and achieve a stronger position in the market," said Cliff Drowley, vice president of Cypress's image sensor group. "Our decision to divest the business is based on a strategic shift to focus resources onto our custom image sensor business. We believe that SMaL Camera's automotive imaging technology will complement Sensata's existing strengths in automotive applications."
Drowley said Cypress will retain its growing custom image sensor business in Mechelen, Belgium.
About Sensata Technologies
Sensata Technologies is a leading designer and manufacturer of sensors and controls for leaders in the global automotive, appliance, aircraft, industrial and HVAC markets. Formerly the Sensors & Controls business of Texas Instruments, Sensata Technologies was acquired by Bain Capital, LLC, a leading global private investment firm, in April, 2006. The company's sensing and protection solutions improve safety, comfort and efficiency for millions of people every day. Sensata has business and technology development centers in Attleboro, Massachusetts, Holland and Japan and manufacturing operations in Brazil, China, the Dominican Republic, Korea, Malaysia, and Mexico, as well as sales offices around the world. Sensata Technologies employs approximately 6,500 people worldwide. For more information, please visit www.sensata.com.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the PSoC Programmable System-on-Chip, USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB radio system-on-chip, to West Bridge and EZ-USB FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY. Visit Cypress online at www.cypress.com.
Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. All other trademarks or registered trademarks are the property of their respective owners.
Contacts
Cypress Semiconductor Corp.
Ed Rebello, 408-545-7665
ewr@cypress.com
