SCHAFFHAUSEN, Switzerland, Nov. 9, 2015 /PRNewswire/ — TE Connectivity Ltd. (NYSE: TEL) (TE) today announced that it has entered into an agreement to sell its Circuit Protection Devices (CPD) business to Littelfuse, Inc. (NASDAQ: LFUS) for $350 million. The transaction is expected to close in the second quarter of fiscal year 2016 and is subject to customary regulatory approvals.
TE’s CPD business, which is externally reported as part of the Data and Devices business within TE’s Communications Solutions segment, has a broad presence serving the communications, mobile computing, industrial, automotive and battery industries. The business had revenues of approximately $190 million in fiscal year 2015, and is headquartered in Menlo Park, California, with manufacturing facilities in Tsukuba, Japan and Shanghai and Kunshan, China.
“The sale of CPD is another step in our strategy to focus and expand our leadership position in harsh environment connectivity and sensor solutions,” said TE Connectivity Chairman and CEO Tom Lynch. “We believe that our investment dollars are best used in harsh environment connectivity and sensor applications and the CPD business will be better positioned for continued success and growth with Littelfuse. We thank our CPD employees for their hard work and innovative contributions to TE over the years.”