Sensors and electrical controls maker Sensata Technologies Holding NV said it would purchase Schrader group of companies for an enterprise value of $1 billion to benefit from a growing market for tire pressure monitoring sensors (TPMS).Schrader International, held by private equity firm Madison Dearborn Partners LLC, is the global leader in TPMS, Sensata said on Monday.The device that alerts driver when a tire is under-inflated - now standard for all cars in North America - is being increasingly used in Europe and Asia.Denver-headquartered Schrader sells TPMS and other sensors in the United States, the United Kingdom, Germany, China, Japan and South Korea. It employs 2,500 people and is expected to generate $550 million in revenue this year, Sensata said.
Shares of ST fell by 0.3% or $-0.14/share to $46.17. In the past year, the shares have traded as low as $36.50 and as high as $48.94. On average, 915892 shares of ST exchange hands on a given day and today's volume is recorded at 654489.
Source
