Knowles Corporation (NYSE: KN), a global supplier of advanced micro-acoustic, audio processing, and precision device solutions, has announced that it has completed the sale of its timing device (oscillator) business, part of the Precision Devices segment, to Microsemi Corporation (Nasdaq: MSCC) for USD 130 million in cash, subject to customary adjustments, the company said.
The company expects to use a portion of the net proceeds to reduce outstanding borrowings under the company´s revolving credit facility.
The company expects to reclassify the assets, liabilities and results of the operations of the timing device business to discontinued operations in the fourth quarter of 2017.
The divestiture of the timing device business reduces the company´s fourth quarter guidance for continuing operations by approximately USD 26 million in revenues and reduces GAAP and Non GAAP EPS by approximately USD 0.02.
Knowles uses its position in MEMS (micro-electro-mechanical systems) microphones and strong capabilities in audio processing technologies to optimize audio systems and improve the user experience in smartphones, tablets, and wearables. Founded in 1946 and headquartered in Itasca, Illinois, Knowles is a global organization with employees in 12 countries. For more information, visit knowles.com.