Knowles Corporation (NYSE: KN) has successfully completed the sale of its consumer MEMS microphone business to Syntiant Corp. The transaction marks a significant milestone in Knowles' transformation into a premier industrial technology company, focusing on higher value markets where it can continue to drive value through product design, process technology, and the ability to customize solutions for customers at scale.
The announcement comes after Knowles initially revealed its evaluation of strategic alternatives for the business on September 18, 2023. The closing of the sale represents the final step in this strategic shift for the company.
Jeffrey Niew, the Chief Executive Officer of Knowles, expressed his gratitude to the consumer MEMS microphone teams for their dedication and commitment to the business and Knowles' customers throughout the years. He also emphasized the importance of the transaction in enabling Knowles to focus on higher value markets.
As a leading manufacturer of specialty electronic components, Knowles' products play critical roles in innovative technologies across medtech, defense, and industrial markets. The company's high-performance capacitors, RF/microwave filters, advanced medtech microphones, balanced armatures, and miniaturization products are designed to enhance the performance of technologies with the power to change, improve, and save lives.
Founded in 1946 and headquartered in Itasca, Illinois, Knowles has grown into a global organization with employees spanning 10 countries.
The press release does not include specific financial metrics or comparisons to the previous period. Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $20.09. Check out the company's full 8-K submission here.
