Sensata Technologies Holding plc 8-K, filed Jun 6, 2023
Sensata Technologies Holding plc (ST)
8-K
2023-06-06
For: 2023-06-06
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Added on
April 04, 2026
About this 8-K
Sensata Technologies Holding plc filed this 8-K on June 6, 2023.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 6, 2023
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| Item 2.05 | Costs Associated with Exit or Disposal Activities. | ||||
On June 6, 2023, Sensata Technologies Holding plc (the “Company”) made the decision to exit Spear Power System’s (“Spear’s”) marine energy storage business (the “Business”). The Company acquired Spear in August 2021 to advance its electrification portfolio and strategy in new clean energy markets. The decision to exit the Business will enable Sensata to focus more resources on Spear’s aerospace & defense energy storage business and other promising areas of Electrification.
Exiting the Business will result in the elimination of approximately 60 positions, primarily in Kansas City, Missouri, and the closure of Spear’s operations in Belgium. In connection with the plan to exit the Business, the Company is expected to incur total pre-tax charges in the range of approximately $40 to $50 million in the second quarter, including approximately $14 million of intangible asset impairments, $13 million of tangible assets impairments, and $2 million of restructuring costs. Closing the Business will lead to approximately $10 to $12 million in annualized cost savings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SENSATA TECHNOLOGIES HOLDING PLC | |||||||||||||||||
| /s/ Maria Freve | |||||||||||||||||
| Date: | June 6, 2023 | Name: Maria Freve | |||||||||||||||
| Title: Vice President and Chief Accounting Officer | |||||||||||||||||
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