PHOENIX, Ariz. – May 1, 2014 – ON Semiconductor Corporation (Nasdaq: ONNN), driving energy efficient innovations, today announced the completion of its acquisition of Truesense Imaging, Inc., a provider of high-performance image sensor devices addressing a wide range of industrial end-markets including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography. The acquisition was completed on April 30 and the announcement was made earlier today during the company’s first quarter earnings report.
ON Semiconductor paid approximately $95 million in cash off its balance sheet, after adjustments for cash and working capital amounts, to purchase Truesense Imaging. The acquisition is expected to be immediately accretive to earnings and margins, excluding any non-recurring acquisition related charges and amortization of acquired intangibles. Based on audited results, Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of approximately 44 percent and 23 percent, respectively.
Chris McNiffe, CEO and president of Truesense, has been retained by the ON Semiconductor team to help manage and grow our image sensor business. The Truesense product development and business teams will be incorporated in ON Semiconductor’s Application Products Group (APG) as part of the company’s Image Sensor Business Unit, reporting to Vince Hopkin, vice president of ON Semiconductor’s MDFI Division. We anticipate that Truesense’s factory operations will report up through ON Semiconductor’s corporate manufacturing organization.
“The acquisition of Truesense Imaging solidifies ON Semiconductor’s position as the leading global supplier of high-performance image sensor solutions addressing a wide range of industrial end-markets,” said Mr. Hopkin. “It strengthens ON Semiconductor’s product portfolio targeting industrial end markets such as machine vision, surveillance, and intelligent transportation systems (ITS) by complementing our existing high-speed, high-resolution, power-efficient image sensing solutions with Truesense’s high-performance image sensors for low-light, low-noise. In addition, the acquisition strengthens the company’s talent base with the addition of an experienced design and applications engineering team dedicated to the image sensor market segment.”
