Autoliv, the world's biggest maker of air bags and seat belts, announced it has agreed to buy the automotive radar sensors business of Tyco Electronics for $42 M.
This part of the business unit designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market. Based in Lowell, Massachusetts, US, and Schweinfurt, Germany, the business includes approximately 115 employees.
It is Autoliv's expectation that the sales of the acquired business will approach $100 M within three years. In 2009, Autoliv expects the business will have an accretive earnings per share effect and should be accretive to operating margin and return on capital in 2010. Autoliv said it expected the deal to close by the end of September.