PRECO Electronics has been sold to Sensata Technologies
Headquartered in Boise, Idaho, PRECO Electronics is a leading provider of radar-based perception solutions for both on-road and off-road heavy-duty vehicles, serving premium original equipment manufacturers (OEMs) and aftermarket distributors worldwide. The company’s deep technical expertise encompassing both hardware and software engineering has led to the creation of many innovative products, fully-customizable based on customer needs, with unmatched capabilities as it relates to field of vision, object tracking / detection and flexible integration with existing vehicle control systems. PRECO’s products are recognized in the industry for their performance, reliability and operational effectiveness in harsh environments.
PRECO will strengthen Sensata’s capabilities in ADAS and autonomous driving solutions and accelerate new product development as the industry moves towards, and customers continue to demand, fully autonomous solutions. The combined organization will be better positioned to introduce SS LiDAR, 3D radar technology and wireless solutions to create a more fulsome vehicle protection system to support ADAS and autonomy applications.
“We are excited to become part of the Sensata family through this transaction,” commented Jim Bean, President and CEO of PRECO Electronics.
Lincoln International acted as the exclusive financial advisor to the shareholders of PRECO Electronics, working closely with the management team throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction. The terms of the transaction were not disclosed.
Sensata Technologies (NYSE:ST) is a global industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. For more information, please visit www.sensata.com.
Lincoln has provided us with excellent advice through the process leveraging their strong relationships with the strategics in this space and helping us to achieve an outstanding outcome, notwithstanding the challenges of these unprecedented and volatile market conditions.
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