PRECO Electronics Announces Acquisition by Sensata Technologies
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 Technologies 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.
BOISE, Idaho, Aug. 19, 2020 /PRNewswire-PRWeb/ -- PRECO Electronics®, a market-leading vehicle safety technology company, today announces it was acquired by Sensata Technologies, Inc. (NYSE: ST), a global industrial technology company and a leading provider of sensor-rich solutions that create insights for customers with operations and business centers in 11 countries. The acquisition of PRECO will extend Sensata's capabilities in vehicle collision avoidance systems for industrial and heavy vehicle on/off-road (HVOR) markets.
"The acquisition of PRECO Electronics further extends Sensata's sensing content into areas related to the autonomous megatrend and builds scale in heavy-duty vehicle markets," said Jeff Cote, CEO and President of Sensata. "We are confident that we can capitalize on the many growth opportunities on the horizon, as we strengthen our go-to-market capabilities and build on PRECO's global reputation as the industry leader in collision mitigation and avoidance technology optimized for heavy-duty vehicles and equipment."
PRECO was founded in 1947 in Boise, Idaho, and has grown rapidly, encouraging the expansion of its innovative radar technology. For more than 20 years, PRECO has introduced numerous award-winning, purpose-built blind spot solutions to the market-place, including PreView® Xtreme, Side Defender®II, and the new Sentry®X.
With the support of its nationwide network of engineers and global partnerships, PRECO continues to maintain its position as the industry benchmark for advanced safety technologies.
"We are excited to become a part of the Sensata family," said Jim Bean, head of PRECO. "Sensata's global organization will leverage PRECO's leadership in heavy-duty radar solutions to accelerate worldwide growth. The cultural fit, coupled with Sensata's commitment to customer excellence, is a perfect match."
PRECO's future plans include the expansion of its core markets as well as targeting new sectors that complement PRECO's existing solutions for heavy-duty OEMs and end-users, fleet operators, and foreign and domestic authorities.
About PRECO Electronics
As a global leader in collision mitigation technology, PRECO has offered blind spot monitoring and collision avoidance systems for heavy and medium-duty mobile equipment for more than 20 years. With active audible and visual alerts, PRECO's radar-based solutions mitigate collisions and minimize the occurrence of incident-related property damage, injuries, and fatalities by protecting operators' blind spots. With a history of innovation, PRECO's award-winning safety systems are built for unparalleled performance in all environments, engineered to integrate with all future safety technologies.
For more information on PreView® Radar technology, please visit PRECO.com or contact one of PRECO's safety solution experts today.
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 to make products safer, cleaner, and more efficient, electrified, and connected.
For more information, please visit Sensata's website at sensata.com.
SOURCE PRECO Electronics
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