ST - Sensata to exit Spear's marine energy storage business

2023-06-06 16:59:53 ET

• Sensata Technologies ( NYSE: ST ) said it will exit Spear Power System's marine energy storage business.
• Exiting the business will result in the elimination of 60 positions, mainly in Kansas City, Missouri, and the closure of Spear's operations in Belgium, according to an 8-K filing. Sensata ( ST ) will incur pre-tax charges of $40 million to $50 million in Q2 related to exiting the business. Closing the business will lead to approximately $10 million to $12 million in annualized cost savings.
• The company acquired Spears in August 2021, and the decision to exit the marine energy storage area will enable Sensata ( ST ) to focus more resources on Spear's aerospace and defense energy storage business.
• Sensata ( ST ) is scheduled to present at the BofA Technology Conference on Wednesday.

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