As of July 1, 2020, PRECO Electronics has been acquired by Sensata Technologies, Inc. (NYSE: ST), announced in a recent Press Release. Sensata Ventures is the investment division of Sensata Technologies, a rapidly growing provider of sensor-rich solutions with operations and business centers in 11 countries worldwide.
"Sensata has been experiencing significant growth over recent years developing pioneering new software projects, so the key drivers behind this acquisition are clear," says Jeffrey Cote, Sensata Technologies' Chief Executive Officer, and President. "We can now go further than ever, thanks to the unmatched ingenuity behind PRECO's impressive history, and the mark they have made on their local community."
PRECO's plans include the expansion of its core markets and targeting new sectors, as PRECO now has the scalability and resources to grow and maintain its Tier 1 support for customers. Joining Sensata will complement PRECO's existing client base of heavy-duty machinery manufacturers, fleet operators, OEMs, and foreign and domestic authorities. And through this partnership, PRECO will serve its current customers better than ever and help new customers worldwide.
Every day, hundreds of millions of people use Sensata's high-performance sensors and controls without knowing it. Its technology spans industries and markets, operating in construction equipment, commercial jets, motorcycles, cars, and trucks made by industry leaders, including Volvo, John Deere, and others in the Heavy Duty and Off-Road space.
According to the NYSE, Sensata sold 17,000 different types of sensors in 2015 alone. Today that number has grown exponentially, and Sensata's acquisition of PRECO will now help them extend their capabilities to in-vehicle collision mitigation systems for industrial, OEM, as well as Heavy Vehicle and Off-Road (HVOR) markets
With an engineering-driven product development culture, Sensata had made strategic acquisitions that have accelerated its growth. For example, the purchase of Schrader bolstered the company's wireless and low-pressure sensing abilities, and the addition of Custom Sensors & Technologies expanded the company's reach into the aerospace, defense, building, and equipment sectors.
The Future of PRECO and Sensata Working Together
As the world becomes more connected and technology-driven, more and more every day products are requiring sensors. This is why Sensata doesn't make short-lived products that are quickly replaced with the next thing — they are hyper-focused, just as PRECO is, on mission-critical sensors. Lives literally depend on Sensata's sensors, much like lives depend on PRECO's Radar safety technology. It's because of PRECO’s purpose-built solutions that the company was an obvious choice for Sensata. With PRECO and Sensata working together, it will be easy for both to continue to bring operation-critical sensors to customers.
When it comes to developing products, Sensata and PRECO have a history of anticipating their customers' needs by talking with partners and studying new regulations. As customers get to the adoption and installation processes, PRECO is prepared as it’s already been developing sensor-rich solutions that now are being required, needed, and asked for by customers.
PRECO's strategy in creating radar solutions comes in handy in situations such as this with its purpose-built solutions — each tailored to meet customers' needs and the expectations put in place by regulations worldwide. For example, PRECO's award-winning PreView Side Defender®II was introduced to the market just as EU regulations announced the mandatory installation of side blind spot solutions (certified) to protect vulnerable road users (VRUs) from being struck by trucks turning in crowded urban environments. Anticipation such as this helps win and keep clients — a strategy both companies wish to continue together.
Both companies take the physical phenomena that exist in the world and translate them into the information world. That information can work with the control systems manufacturers are developing, or with the framework that an industrial partner may use in their digital platform. As equipment becomes more and more connected, sensors, like PRECO's PreView family of radar solutions, will become more vital and ubiquitous. Which is why PRECO’s systems provide crucial information used in telematics today.
"The purpose of the acquisition with Sensata is to help accelerate our global plans for growth and expansion," says Jim Bean, PRECO's President and CEO. "There's a natural synergy between our technology solutions that target the heavy-duty equipment market within the OEM and aftermarkets. The cultural fit, coupled with Sensata's appreciation of our ethos surrounding customer excellence, will strengthen our commitment to innovations that save lives."
Since it was founded in 1947, PRECO has focused on the heavy-duty and off-road trucking industry, and proliferated in the last 20 years due in part to its expansion of innovative radar safety technology. Over the last two decades, PRECO has introduced numerous award-winning, purpose-built radar safety technology to the market-place, including PreView Sentry®, PreView Side Defender®II, and the new PreView Sentry®X.
For more information on PreView® Radar technology, please visit PRECO.com or contact one of PRECO's safety professionals today. For details on the acquisition and its Press Release announcement, please contact Reyna Clow at firstname.lastname@example.org.
About Sensata Technologies, Inc.
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end-users.
For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial, and aerospace industries. With more than 21,000 employees and operations in 11 countries, Sensata's solutions help make products safer, cleaner, and more efficient, electrified, and connected.