ELKHART, Ind. (AP) -- CTS is selling its electronics manufacturing solutions business to Benchmark Electronics Inc. for $75 million.
Elkhart, Inc.-based CTS said Thursday that the transaction allows it to concentrate on its components and sensors business and provides more capital for higher-margin businesses.
The deal includes about 1,000 workers and five manufacturing plants in Moorpark, Calif., San Jose, Calif., Londonderry, N.H., Matamoros, Mexico, and Bangkok, Thailand.
Benchmark, which is based in Angleton, Texas, anticipates the transaction adding to its 2014 earnings and generating annual revenue of more than $200 million. It is a product design and manufacturing services provider.
CTS Corp. is currently in the midst of a company-wide strategic evaluation. CEO Kieran O'Sullivan said in a statement that CTS is continuing to look at ways to streamline the business and lower costs.