Measurement Specialties, Inc., a global designer and manufacturer of sensors and sensor-based systems, announces the acquisition of the assets of Cosense, Inc. (Cosense), a technological leader in the design and manufacture of engineered ultrasonic sensors and switches used in semiconductor, medical, aerospace and industrial applications. The transaction closed April 2, 2012.
Frank Guidone, Company CEO comments, “Cosense’s ultrasonic sensors are an excellent addition to our current product portfolio and fit nicely within our Piezo product line. Cosense products are used for single-point, multi-point and continuous liquid level measurement, along with entrained bubble detection. Their innovative solutions are very complementary to our existing product offering, particularly within the high purity semiconductor, medical infusion pump and commercial aerospace markets.”
The purchase price for the assets of Cosense was $11.5 million. The company paid $10.0 million in cash at closing and will pay an additional $1.5 million on April 2, 2013 subject to offset for certain indemnification rights. The company expects the transaction to add approximately $7.5 million in annual net sales, and ~$2.0 million in EBITDA.
Naim Dam, Cosense CEO comments, “We are excited to be part of the MEAS family; their technical experience in ultrasonics, global sales force and worldwide manufacturing footprint make them an excellent partner for Cosense. We look forward to leveraging their broad application knowledge to expand our reach and accelerate growth.”