Sensors and electrical controls maker Sensata Technologies Holding NV said it would purchase Schrader International to meet growing demand for sensors to monitor car-tire pressure.Sensata, whose shares rose as much as 6.6 percent on Monday morning, will purchase Schrader from private equity firm Madison Dearborn Partners LLC for an enterprise value of $1 billion.Denver-headquartered Schrader makes tire-pressure monitoring sensors (TPMS) that alert drivers when a tire is under-inflated.The technology, fitted on all cars in North America, is being rolled out in Europe to meet a new regulation that requires all passenger vehicles to have it installed this year, the company said.
Shares of ST traded higher by 6.13% or $2.83/share to $49.00. 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 2079915.
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