ALMELO, Netherlands, Jan. 20, 2011 /PRNewswire via COMTEX/ --
Sensata Technologies Holding N.V. (NYSE: ST), a leading manufacturer of sensors and controls, has signed an agreement with the Baoying government in China's Jiangsu Province to increase its investment in Baoying.
(Logo: http://photos.prnewswire.com/prnh/20070227/CLTU192LOGO )
Under the agreement, the government will make land adjacent to Sensata's existing facility available for constructing a five-story building totaling 350,000 square feet. The government is responsible for erecting the building. Sensata will lease the facility for up to 15 years and then assume full ownership. Construction is expected to begin in February 2011 and be completed at year-end.
In turn, Sensata plans to invest US$50 million in capital from 2011 - 2015 contingent on continued growth in demand for its products in China's domestic market and worldwide. Sensata's investment will be in the form of cash, equipment, or intellectual property.
"This agreement will lay the groundwork for further expansion of our manufacturing capacity in Baoying and will enable us to meet growing demand for our products both in China and around the world," said Richard Dane, senior vice president of Sensata's global operations. "We've been manufacturing in Baoying since 1996, and we value the strong working relationships Sensata has with local and provincial governments in Jiangsu Province."
Sensata and Chinese officials signed the agreement at a ceremony in Yangzhou on January 19.
Sensata's Baoying facility recently received the prestigious Jiangsu Quality Award for performance excellence. The award recognizes businesses with high levels of quality and quality management, innovation, and use of advanced technology. A combination of controls and sensors are manufactured at the site for a number of different market segments both in China and around the world.
About Sensata Technologies Holding N.V.
Sensata Technologies Holding N.V. is one of the world's leading suppliers of sensing, electrical protection, control and power management solutions. Majority-owned by affiliates of Bain Capital Partners, LLC, a leading global private investment firm, and its co-investors, Sensata employs approximately 10,000 people in nine countries. Sensata's products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle and marine applications. For more information, please visit Sensata's web site at www.sensata.com
|
Contact:
|
|
|
|
|
|
|
Investors:
|
News Media:
|
|
|
Maggie Morris
|
Linda Megathlin
|
|
|
Investor Relations Director
|
Communications Director
|
|
|
(508)236-1069
|
(508)236-1761
|
|
|
mmorris2@sensata.com
|
lmegathlin@sensata.com
|
|
|
|
SOURCE Sensata Technologies Holding N.V.