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ON Semiconductor completes purchase of Truesense Imaging

Rochester Business Journal
May 1, 2014

ON Semiconductor Corp. has completed its acquisition of Truesense Imaging, a Rochester-based provider of high-performance image sensing devices, for some $95 million in cash.

The former Image Sensor Solutions business of Eastman Kodak Co. was sold in 2011 to Platinum Equity LLC, a Los Angeles-based private-equity firm, for an undisclosed price.

ON Semiconductor (NASDAQ: ONNN) is a $2.8 billion worldwide semiconductor manufacturer. Truesense Imaging’s revenue for 2013 was some $79 million with gross and operating margins of roughly 44 percent and 23 percent, respectively.

Christopher McNiffe, former CEO of Truesense Imaging, has been retained by ON Semiconductor to help manage and grow the image sensor business.

The acquisition was announced a month ago. At that time, company officials said it was expected to be immediately accretive to margins and earnings.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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