ON Semiconductor has signed a definitive agreement to acquire Truesense Imaging, Inc., a provider of high-performance image sensor devices addressing a wide range of industrial end-markets including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography. The acquisition of Truesense Imaging strongly complements ON Semiconductor’s image-sensor business by vastly expanding its technology portfolio and adding more than 200 new customers. Under the terms of the agreement, ON Semiconductor will pay approximately $92 million in cash to acquire Truesense Imaging, subject to customary adjustments at closing. The acquisition will be funded by available cash on ON Semiconductor’s balance sheet.
ON Semiconductor expects the acquisition to be immediately accretive to earnings and margins, excluding any non-recurring acquisition related charges and amortization of acquired intangibles. Based on unaudited results, Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of approximately 44 percent and 23 percent, respectively. Truesense Imaging will be incorporated in ON Semiconductor’s Application Products Group (APG) business group. The transaction has been approved by ON Semiconductor’s and Truesense Imaging’s boards of directors (or authorized committees thereof) and is anticipated to close before the end of the second quarter of 2014, subject to required regulatory approvals and customary closing conditions.
For more information, visit http://www.truesenseimaging.com.
