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ON Semiconductor Corp. on Wednesday announced an agreement to acquire Truesense Imaging Inc. for $92 million in cash.
Originally the Image Sensor Solutions business of Eastman Kodak Co., Truesense Imaging was sold in 2011 to Platinum Equity LLC, a Los Angeles-based private-equity firm, for an undisclosed price.
“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,” said Christopher McNiffe, CEO of Truesense Imaging, in a statement. “We are very excited to join the ON Semiconductor organization and to enable new growth opportunities for both our customers and our employees.”
The semiconductors supply company’s acquisition complements the image-sensor segment of its business by expanding its technology portfolio. The move also adds 200 new customers to ON Semiconductor’s business.
Truesense Imaging develops and manufactures image sensor devices for commercial, industrial and professional imaging applications, including machine vision, surveillance, traffic monitoring, medical and scientific imaging and photography.
Truesense Imaging’s unaudited revenue for 2013 was roughly $79 million. The company will be incorporated in ON Semiconductor’s Application Products Group.
The transition is expected to be immediately accretive to margins and earnings according to company officials.
“The pending acquisition of Truesense Imaging is a step towards our stated strategic goal of expanding our presence in select segments of the industrial end-market,” said Keith Jackson, president and CEO of ON Semiconductor, in a statement. “With the acquisition of Truesense, we will augment our abilities to deliver a broad range of high-performance image sensors to the industrial end-market and at the same time significantly expand our customer footprint."
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