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.
For further details see:
Sensata to exit Spear's marine energy storage business