Littelfuse has said it has signed a definitive agreement to acquire Hamlin, Inc. from Key Safety Systems for $145 million in a cash transaction. Hamlin makes sensors for the automotive industry and also for the electronics and industrial markets. Hamlin is a global company whose principal facilities are in Lake Mills, Wisconsin; Norwich, UK; Suzhou, China and Matamoros, Mexico. Hamlin had sales of approximately $76 million in 2012.
"The acquisition of Hamlin is a major step forward in our strategy to build a global, automotive sensor platform," said Gordon Hunter, Chief Executive Officer. "We are excited about the growth prospects for Hamlin and the obvious synergies with Accel, the automotive sensor company which we acquired in 2012. With Hamlin, we also extend our sensing technology outside the automotive market with products that can be sold through our electronics distribution partners."
"Hamlin's new products pipeline and design-win momentum combined with our leadership positions in the global automotive and electronics markets make for a powerful combination," added Hunter. "We believe this business can achieve double-digit sales growth, and that it will be accretive to earnings by approximately $0.35 per share for 2014."
Completion of the transaction is subject to the expiration or termination of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions. This transaction is expected to close by the end of May.