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On Semi acquires Truesense Imaging for $92million

08 Apr 2014  | Peter Clarke

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On Semiconductor Corp. has decided to buy Truesense Imaging Inc. for $92million funded by cash on its balance sheet.

Truesense is owned by Platinum Equity, which created the company by buying out the Image Sensor Solutions business of the Eastman Kodak Company in 2011. The company makes high-end image sensor devices addressing industrial end-markets including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography.

On Semi said the acquisition of Truesense is complementary to its existing image-sensor business as it expands the technology portfolio and adds more than 200 new customers.

"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," said Chris McNiffe, CEO of Truesense Imaging Inc.

Truesense Imaging's revenue for 2013 was approximately $79million, with gross and operating margins of approximately 44 per cent and 23 per cent, respectively. Truesense Imaging will be incorporated in On Semiconductor's Application Products Group (APG) business group. The transaction has been approved by both companies' boards of directors and is anticipated to close before the end of the second quarter of 2014.

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