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Sensata Technologies Holding plc (NYSE: ST) is a global leader specializing in sensing, electrical protection, control, and power management solutions. The company designs and manufactures devices that address the increasing global demands for safety, energy efficiency, and environmental cleanliness across various markets including automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, ventilation, data, telecommunications, recreational vehicle, and marine sectors.
Sensata Technologies operates a rapidly expanding business valued at $2.4 billion with operational and business centers in 16 countries. The company boasts a workforce of over 17,000 employees worldwide, including 900 individuals in engineering, business development, and corporate support roles at its U.S. headquarters in Attleboro, MA.
With a strong emphasis on local decision-making and innovation, Sensata develops complex products that make a tangible impact. The company has built a solid reputation for integrity and provides global exposure to world-class talent. Sensata's portfolio includes a wide array of sensors such as pressure, temperature, force, and position sensors, predominantly serving the automotive industry. The majority of its revenue stems from automotive applications, focusing on bumper-in technologies.
Recent achievements include partnerships with key industry players, the launch of cutting-edge sensor technologies, and significant growth in emerging markets. Sensata remains committed to delivering high-quality, reliable solutions that contribute to making the world safer and more energy-efficient.
Sensata Technologies (NYSE: ST) has released its fourth annual 'Powering Possibilities Together' Sustainability Report for 2023. The report highlights substantial achievements in renewable energy sourcing, diversity, and supplier engagement. Total renewable energy consumption nearly doubled compared to 2022, and significant strides were made in female and racial/ethnic diversity representation in managerial roles. Sensata's Conflict Minerals Campaign exceeded its 2026 goal ahead of schedule with a 78% supplier response rate. Prepared in reference to GRI 2021 Standards, SASB framework, and TCFD, the report outlines a new target to reduce Scope 1 and 2 emissions by 45% by 2030 from a 2021 baseline.
Other notable updates include the formation of two new Employee Resource Groups focused on veterans and people with disabilities, increasing the total to nine. Sensata remains committed to sustainability, aligning with its purpose to help customers deliver a cleaner, more efficient, and connected world.
Sensata Technologies (NYSE: ST) has launched the SGX Series contactors, including SGX150, SGX250, and SGX400 models, which can handle applications up to 1000V and 150/250/400 Amps, respectively. These contactors are designed for use in Automated Guided Vehicles (AGVs), forklifts, residential energy storage systems, and DC fast charging applications. Key features include a hermetically sealed square form factor, ceramic to metal weld technology, and gas backfilled primarily with hydrogen for low contact resistance. The SGX Series will be showcased at The Battery Show Europe in Stuttgart, Germany, from June 18-20, 2024. The series complies with IEC 60664-1 and RoHS standards and is expected to receive UL certification by early Q3 2024.
Sensata Technologies Holding, listed on NYSE as ST, has announced that its subsidiary, Sensata Technologies B.V., will redeem all $700 million of its 5.000% Senior Notes due 2025. The redemption is set for July 15, 2024, at a price equal to 100% of the principal amount plus an applicable premium and accrued interest up to the redemption date. The notice of redemption will be issued by The Bank of New York Mellon, the trustee for the notes. This action aims to settle the outstanding debt within the specified timeline.
Sensata Technologies Holding announced that its subsidiary, Sensata Technologies, Inc., plans to offer $500 million in senior notes in a private offering exempt from registration under the Securities Act of 1933. These notes will be guaranteed on a senior unsecured basis by Sensata Technologies B.V. and its wholly-owned subsidiaries. The notes rank equally with the issuer's existing senior debt but are junior to secured debt. Proceeds will be used, along with cash on hand, to redeem Sensata Technologies B.V.’s 5.000% senior notes due October 2025, expected in July 2024. The offering targets qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. This announcement does not constitute an offer to sell the notes in any jurisdiction where such an offer is unlawful.
Sensata Technologies (NYSE: ST) held its annual Day of Service in the US on May 9, 2024, engaging nearly 550 employees in 36 service projects with 28 nonprofits. This initiative, part of the Sensata Serves volunteer program, encourages community involvement and celebrates volunteerism. Employees participated in various activities, including packing food, assembling STEM kits, sorting books, and conducting cleaning and landscaping projects. In 2023, 45% of US employees volunteered over 6,500 hours. Sensata's philanthropic arm, Sensata Foundation, helps create service projects, fostering strong community relationships.
Sensata Technologies' GigaFuse for Battery Electric Vehicles (BEVs) has won the 2024 Automotive News PACE Award, recognizing its innovation and contribution to safety and energy management. The GigaFuse addresses critical protection challenges, enhances architecture flexibility for OEMs, and helps reduce development time for automotive manufacturers to meet emissions targets.
Sensata Technologies Holding plc announced that CEO Jeff Cote will retire and be replaced by Martha Sullivan as interim CEO. Phillip Eyler joins the Board. The company forms a CEO search committee and enters cooperation agreements with Elliott. Martha Sullivan praised for her qualifications, and Phillip Eyler's appointment welcomed. Elliott expresses confidence in Sensata's future value creation. Sensata enters Cooperation and Information Sharing Agreements with Elliott. Sensata positions itself for a bright future in an electrified world.
Sensata Technologies reported solid financial results for the first quarter of 2024, with revenue reaching $1,006.7 million, an increase of 0.9% compared to the first quarter of 2023. The company's adjusted operating margins were at the high end of their guidance range. However, earnings per share decreased by 10.7% to $0.50. Sensata also provided guidance for the second quarter of 2024, expecting revenue of $1,025 to $1,055 million and adjusted EPS of $0.89 to $0.95.
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