Sensata Technologies acquires Gigavac to strengthen electrification business
September 26, 2018 - Sensata Technologies, an international supplier of sensors, electrical protection, control and power management products, has reached an agreement to acquire Gigavac, a growing developer of high-voltage (HV) contactors.
Valued at approximately US$233 million, the addition of Gigavac’s portfolio will allow Sensata to tap into new opportunities for HV contactors, including charging stations for electric vehicles (EVs). As market trends drive higher voltage levels for such applications, Gigavac’s contactors are designed to enable faster charging for EVs at safe levels of operation.
“The acquisition immediately increases our content and capabilities for electrification,” says Martha Sullivan, Sensata’s president and CEO. “Electrification is a compelling tailwind for Sensata. Our content on battery EVs now exceeds our content on gas and diesel vehicles. As we expand Gigavac’s customer reach, we expect to capitalize on exciting growth opportunities in industrial markets.”
Gigavac has a base of more than 270 employees in Carpinteria, Calif., which Sensata intends to maintain as a ‘centre of excellence’ (COE) for developing contactors and relays. Gigavac’s products are already used by more than 1,500 customers in the automotive, battery storage, industrial, heavy vehicle and off-road markets, which overlap with Sensata’s global customer base.
The acquisition is subject to customary regulatory approvals and is expected to close in the fourth quarter (Q4) of 2018.
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