Amphenol To Buy GE's Advanced Sensors Business For About $318 Mln

(RTTNews) - Fiber optic connectors and interconnect systems maker Amphenol Corp. (APH) said Friday that it has agreed to acquire the Advanced Sensors business of diversified conglomerate General Electric Co. (GE) for about $318 million, subject to a post-closing working capital adjustment.

Amphenol noted that Advanced Sensors' sensor and sensor-based product offerings will be complementary to its core interconnect offering. The company expects the sale to close prior to the end of 2013.

St. Mary's, Pennsylvania-based Advanced Sensors is a supplier of highly-engineered sensors and sensor-based instruments. Advanced Sensors or AS sells its products primarily to the transportation and automotive, medical and other industrial markets. The business has facilities in North America, Europe and Asia, and employs about 1,600 people worldwide.

Adam Norwitt, President and CEO of Amphenol said, "We believe that AS' sensor and sensor-based product offerings are uniquely complementary to our core interconnect offering, and represent a significant long-term expansion opportunity driven by the increased use of both technologies in supporting electronics functionality across a broad set of applications and markets. We look forward in particular to the potential to deliver additional value-added solutions to our customers across a wide array of end markets."

Wallingford, Connecticut-based Amphenol said it will provide further information regarding the acquisition of Advanced Sensors at its regularly scheduled quarterly earnings call to discuss the fourth quarter and full year 2013 earnings scheduled for January 22, 2014.

In Friday's regular session, APH is trading at $82.91, up $0.19 or 0.23 percent on a volume of 106390 shares.