Sensata Technologies (NYSE: ST) today announced that it has sold its Qinex semiconductor thermal test and control business to Boyd Corporation for total consideration of $219 million, including a small secondary closing.
Sensata’s Qinex business manufactures semiconductor burn-in test sockets and thermal control solutions. The business was formed through the combination of Sensata’s semiconductor interconnect business with Wells-CTI in 2012. Prior to this divestiture, Qinex operated mostly as a stand-alone business, reporting through the Industrials business unit within Sensing Solutions. Sensata will continue to manufacture Qinex’s products under a contract manufacturing agreement with Boyd for a period of 6 to 12 months.
“Qinex performs well for customers and has contributed nicely to the rest of Sensata over the years,” said Jeff Cote, CEO and President of Sensata Technologies. “However, it does not align to our growth strategies and will be better positioned as part of Boyd to further expand its semiconductor testing and thermal management capabilities. Additionally, by divesting Qinex we can further fund our capital deployment initiatives, including funding our growth vectors of Electrification and Insights/IoT.”
