Brief: Sensata Technologies Holding To Exit Spear Power System's Marine Energy Storage Business

Sensata Technologies Holding

06/06/2023 21:40

June 6 (Reuters) - Sensata Technologies Holding PLC
 ST.N :
    * SENSATA TECHNOLOGIES HOLDING PLC - MADE DECISION TO EXIT
SPEAR
POWER SYSTEM’S MARINE ENERGY STORAGE BUSINESS
    * SENSATA TECHNOLOGIES HOLDING - EXITING BUSINESS TO RESULT
IN
ELIMINATION OF ABOUT 60 POSITIONS, PRIMARILY IN KANSAS CITY,
MISSOURI
    * SENSATA TECHNOLOGIES HOLDING - EXITING BUSINESS TO RESULT
IN
CLOSURE OF SPEAR’S OPERATIONS IN BELGIUM
    * SENSATA TECHNOLOGIES - IN CONNECTION WITH PLAN TO EXIT
BUSINESS,
CO IS EXPECTED TO INCUR TOTAL PRE-TAX CHARGES IN RANGE OF ABOUT
$40 TO $50 MILLION IN Q2
    * SENSATA TECHNOLOGIES - SPEAR MARINE ENERGY STORAGE
BUSINESS EXIT
TO HELP FOCUS RESOURCES ON SPEAR’S AEROSPACE & DEFENSE ENERGY
STORAGE BUSINESS
    * SENSATA TECHNOLOGIES - CLOSING THE BUSINESS WILL LEAD TO
ABOUT
$10 TO $12 MILLION IN ANNUALIZED COST SAVINGS

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