Knowles Signs Definitive Agreement to Divest 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 entered into a definitive agreement to sell its timing device (oscillator) business, part of the Precision Devices segment, to Microsemi Corporation (Nasdaq: MSCC), a leading supplier of semiconductor solutions, for $130 million in cash. The transaction is expected to be slightly dilutive to earnings and to close in the current quarter, subject to regulatory approval and customary closing conditions.