Knowles Completes Divestiture of Timing Device Business

ITASCA, Ill.--(BUSINESS WIRE)--Knowles Corporation (NYSE: KN), a market leader and global supplier of advanced micro-acoustic, audio processing, and precision device solutions, today announced that it has completed the sale of its timing device (oscillator) business, part of the Precision Devices segment, to Microsemi Corporation (Nasdaq: MSCC) for $130 million in cash, subject to customary adjustments. The Company expects to use a portion of the net proceeds to reduce outstanding borrowings under the Company’s revolving credit facility.