Schneider Electric has received two offers in the second round of auction for its US-based sensors subsidiary Custom Sensors & Technologies (CST), which the French engineering company expects to fetch around €1 billion, the French daily Les Echos today reported, citing sources.
Schneider Electric has received offers from San Jose, California-based chipmaker Avago Technologies and a consortium comprising private equity firms Carlyle Group and PAI Partners the report said.
Wile Avago is keen on the interested in CST's US business, the PE consortium is ready to buy the whole business, the newspaper said.
Moorpark, California-based CST is a specialist in sensing, control and motion products.
Through its brands, BEI Kimco, BEI Sensors, BEI PSSC, Crouzet, Crydom, Kavlico, Newall and Systron Donner Inertial, CST offers electronic sensors, controls, and actuators used in factory and industrial process automation, aerospace and defense equipment, and a wide range of transportation applications.
CST's products, which include DC motors, optical encoders, servo systems, and trackballs, help determine exact positions and link the actions of precision mechanisms, such as automotive stability-enhancement systems.