September 22, 2023 /SemiMedia/ -- Knowles Corp. announced it has agreed to acquire capacitor maker Cornell Dubilier for $263 million in cash. Cornell Dubilier will be integrated into Knowles' Precision Devices business unit. At the same time, the company said it is evaluating strategic alternatives for its consumer MEMS microphone business.
Knowles said it intends to keep its medical microphones, balanced armature speakers and other audio products. The company added the moves are designed to help transform it into an industrial technology company focused on higher value products and higher growth markets.
If the acquisition is completed, Cornell Dubilier will add thin film, electrolytic and mica capacitor products to Knowles' product portfolio. Cornell Dublilier's products are used in medical technology, military, aerospace and industrial electrification applications. The company has approximately 1,000 employees, annual revenue of approximately $135 million, and more than 35,000 customers.
“Adding Cornell Dubilier’s impressive, broad-based roster of OEM and distribution partner customers, as well as its leading capabilities in capacitor technology will expand the applications for Knowles’ products,” said Jeffrey Niew, CEO of Knowles, in a statement.
The acquisition is expected to close in 4Q23, subject to regulatory approvals and other customary closing conditions.