ON Semiconductor (Phoenix, AZ; Nasdaq: ONNN) will acquire Truesense Imaging (Rochester, NY), which produces high-performance image sensor devices for machine vision, surveillance, traffic monitoring, medical and scientific imaging, photography, and other uses, for $92 million.
A producer of image sensors as well as logic, power management, and other electronic devices for many industries (including LED lighting), ON Semiconductor will benefit from Truesense' technology portfolio and Truesense's more than 200 customers.
“ON Semiconductor is an ideal strategic fit for Truesense, as we share a common vision for expanding the capabilities of high-performance sensors used in the world’s most demanding imaging applications,” says Chris McNiffe, CEO of Truesense Imaging.
Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of 44% and 23%, 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 and is anticipated to close before the end of the second quarter of 2014.
ON Semiconductor is buying Truesense Imaging from Platinum Equity (Los Angeles, CA), which acquired the business (previously known as Kodak Image Sensor Solutions) from Eastman Kodak (Rochester, NY) in November 2011.
“First we provided a divestiture solution to a seller in need as Kodak confronted a difficult period of restructuring,” explains Platinum Equity’s Jason Leach, who led the initial acquisition. “We then executed a complex carve-out with minimal disruption and established the business as an independent company that has thrived under our stewardship to the benefit of Truesense customers, suppliers and employees. We have now found a new home for Truesense that we believe is a perfect fit.”
