PRECO Electronics announces it was acquired by Sensata Technologies, Inc. The acquisition of PRECO will extend Sensata’s capabilities in vehicle collision avoidance systems for industrial and heavy vehicle on/off-road (HVOR) markets.
“The acquisition of PRECO Electronics further extends Sensata’s sensing content into areas related to the autonomous megatrend and builds scale in heavy-duty vehicle markets,” says Jeff Cote, CEO and President of Sensata. “We are confident that we can capitalize on the many growth opportunities on the horizon, as we strengthen our go-to-market capabilities and build on PRECO’s global reputation as the industry leader in collision mitigation and avoidance technology optimized for heavy-duty vehicles and equipment.”
“We are excited to become a part of the Sensata family,” says Jim Bean, head of PRECO. “Sensata’s global organization will leverage PRECO’s leadership in heavy-duty radar solutions to accelerate worldwide growth. The cultural fit, coupled with Sensata’s commitment to customer excellence, is a perfect match.”
PRECO’s future plans include the expansion of its core markets as well as targeting new sectors that complement PRECO’s existing solutions for heavy-duty OEMs and end-users, fleet operators, and foreign and domestic authorities.