Knowles inks agreement to divest timing device business

Knowles Corporation (NYSE: KN), a market leader and global supplier of advanced micro-acoustic, audio processing, and precision device solutions, has announced that it has entered into a definitive agreement to sell its timing device (oscillator) business, part of the Precision Devices segment, to Microsemi Corporation (Nasdaq: MSCC), a supplier of semiconductor solutions, for USD 130 million in cash, the company said.

The transaction is expected to be slightly dilutive to earnings and to close in the current quarter, subject to regulatory approval and customary closing conditions.

Depending on the timing of the close of this transaction, the company may update its fourth quarter 2017 guidance it provided on its October 25, 2017 earnings call.

Knowles is a global supplier of advanced micro-acoustic, audio processing, and precision device solutions, serving the mobile consumer electronics, communications, medical, military, aerospace, and industrial markets. Knowles uses its position in MEMS (micro-electro-mechanical systems) microphones and strong capabilities in audio processing technologies to optimize audio systems and improve the user experience in smartphones, tablets, and wearables.
For more information, visit knowles.com.