Japanese electric parts maker Murata Manufacturing Co. is paying 20 billion yen ($261 million to buy Finland’s VTI Technologies, Reuters reported. Private equity group EQT III, one-third owned by holding company Investor AB, said it has agreed to sell all shares in VTI, which makes sensors used in cars and pacemakers, Reuters wrote. Kyoto-based Murata supplies components to Apple and Nokia as well as major automakers.
(Reuters) – Japanese electric parts maker Murata Manufacturing Co said on Tuesday that it plans to acquire Finland’s VTI Technologies for 20 billion yen ($261 million) to expand in the growing market for small, energy-efficient sensors.
Private equity group EQT III, one-third owned by holding company Investor AB , said it has agreed to sell all shares in VTI, which makes sensors used in cars and pacemakers.
Murata, which supplies components to Apple Inc , Nokia and most major automakers, said it will finance the acquisition, which includes debt, with cash on hand.
Murata is the world’s biggest maker of ceramic capacitors, tiny parts that control the flow of electricity in electronics ranging from TVs to car engine controls to game consoles.
The Kyoto-based firm, which competes against Kyocera Corp and TDK Corp , is seeking new revenue sources in such areas as solar cell materials, secondary lithium-ion batteries and biosensors, and has been looking to acquisitions to gain access to new technologies.
Its shares closed down 0.4 percent, against a 2.9 percent rise in Tokyo’s electric machinery subindex.