ON Semiconductor to acquire Truesense Imaging
Boosting its presence in the high-margin industrial end-market, ON Semiconductor, Phoenix AZ, has signed a definitive agreement to acquire Truesense Imaging Inc., Rochester NY, provider of high-performance image sensor devices.
Truesense’s products address a wide range of industrial end-markets including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography. The acquisition strongly complements ON Semi’s image-sensor business by vastly expanding its technology portfolio and adding more than 200 new customers. Under the terms of the agreement, ON Semiconductor will pay approximately $92 million in cash, subject to customary adjustments at closing.
“The pending acquisition of Truesense Imaging is a step towards our stated strategic goal of expanding our presence in select segments of the industrial end-market,” says Keith Jackson, president and CEO of ON Semiconductor. “With the acquisition of Truesense, we will augment our abilities to deliver a broad range of high-performance image sensors to the industrial end-market and at the same time significantly expand our customer footprint.”
“ON Semiconductor is an ideal strategic fit for Truesense as we share a common vision for expanding the capabilities of high-performance sensors used in the world’s most demanding imaging applications,” adds Chris McNiffe, CEO of Truesense Imaging. “This combination enables us to leverage our technology base and four decades of imaging expertise with ON Semiconductor’s R&D, manufacturing and global logistics infrastructure.”