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GE Industrial Systems, a division of General Electric Co., announced today that it has signed an agreement to acquire NovaSensor Inc., a subsidiary of TRW Inc. NovaSensor is a provider of high-technology products to medical, automotive and industrial process control markets.
The transaction, which is subject to government approvals and other customary conditions, is expected to close in the third quarter of 2002. The NovaSensor business, based in Fremont, California, will become a part of the GE Measurement & Sensing Technologies business within GE Industrial Systems. Terms of the transaction were not disclosed.
NovaSensor has been a pioneer in developing effective technologies in micromachining process design. Their primary focus is on pressure sensing and MEMS technology for the following applications:
* Medical -- High volume production of pressure sensors for use in products such as disposable blood pressure monitors.
* Automotive -- Pressure sensors for automotive applications that improve safety, comfort and performance, such as tire pressure monitoring
* Industrial -- Pressure sensors sold to large industrial OEMs in areas such as food processing, hydraulic monitoring, wastewater treatment and manufacturing.
"The NovaSensor acquisition is an example of how we are continuing to invest to meet our customers' demand for innovative and leading edge technologies that make peoples lives better," said Lloyd Trotter, President and CEO, GE Industrial Systems. "NovaSensor complements our recent acquisitions of the sensing businesses of Spirent plc and Druck Holdings plc. in both customers served and the technologies provided."
John Pendergrass, President and General Manager of NovaSensor, commented, "Together with GE, NovaSensor's capabilities in MEMS technology and high-volume manufacturing will produce a broad and diversified product portfolio for our combined customers."
According to Paul Wood, General Manager, GE Measurement & Sensing Technologies, "NovaSensor strengthens our portfolio as a leader in MEMS pressure sensor technology, with innovative solutions, fast product development, solid manufacturing capabilities, a strong customer base and superb product performance."