Invensys has completed the sale of its Teccor Electronics business to Littelfuse for $44m cash with a future payment of $5m contingent upon sales of Teccor products reaching $107m in 2005.
Teccor produces semiconductors and other products for the telecom equipment protection market. It is based in Dallas, TX with a second assembly operation in Matamoros, Mexico.
For the twelve months ended 31 March 2003, the business generated revenues of $75m. Net assets are approximately $82m.
The sale of Teccor is consistent with Invensys’ objectives to divest its ‘non-core’ assets and to pay down its debt.
In June, Invensys agreed to sell its Baan subsidiary to an investment group consisting of Cerberus Capital Management and General Atlantic Partners for $135 million.