Knowles announces deal to buy Cornell Dubilier

In parallel, Knowles announced that it is evaluating strategic alternatives for its Consumer MEMS Microphones business.

For Knowles, the acquisition increases its exposure to high-growth end markets. In addition Cornell Dubilier’s end markets are aligned to key growth tailwinds, including increasing defence budgets, medical imaging and critical care application growth as well as industrial electrification and implementation of next generation fast charging architectures.

 Its broad range of power film, electrolytic and mica capacitors alongside Knowles Precision Devices segment will offer a wider portfolio of products and solutions to existing and new 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 Knowles Chief Executive Officer Jeffrey Niew (pictured). “We will be well positioned to grow with new and existing customers as we work to generate stronger earnings and cash flow and create shareholder value. We admire the outstanding company and culture built by the Kaplan family over the past 40 years and we look forward to welcoming Cornell Dubilier’s talented employees to Knowles.”

“We are thrilled to be joining Knowles, which shares our culture of innovation,” said Cornell Dubilier Chief Executive Officer Jim Kaplan. “Like Knowles, some of the world’s most respected companies rely on Cornell Dubilier’s technologies, and together, we will be well positioned to offer even more cutting-edge products and solutions to our customers and drive growth.”

The total cost of the acquisition is $263 million. It is expected to close in the fourth quarter of calendar year 2023

Cornell Dubilier, based in Liberty, South Carolina, is a technology leader and manufacturer of high-quality film, electrolytic and mica capacitors used in demanding medtech, military, aerospace, and industrial electrification applications with an annualized revenue of more than $135 million and over 35 thousand customers.