Texas Instruments has sold its Sensors and Controls unit to a private investment company for a whopping $3 billion in cash.
Sensors and Controls supplies equipment to automakers, appliance companies and other manufacturers, and its sale will allow TI to focus more effort on its core semiconductor and signal-processing enterprises.
"TI will intensify its focus on our high-growth core digital signal processing and analog semiconductor opportunities, while Sensors & Controls will have greater access to the investment and strategic resources it needs to fuel its future growth," said TI CEO Rich Templeton, who planned to brief analysts on the deal later Monday.
Bain Capital executives said they liked Sensors and Control's robust market outside North America and positive relations with its customer base. Bain specializes in buying non-core corporate assets and building up their value.
The deal should close in the first half of 2006.
Copyright 2006 by United Press International
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