Industrial sensor specialist Sensata Technologies (NYSE:ST) has reached an agreement to acquire privately-held electrification solution provider GIGAVAC for $233 million.

Sensata is expanding its positions in electrical protection, thermal management and regenerative braking. The addition of GIGAVAC’s portfolio will enable Sensata to tap into the market for high-voltage contactors, which are critical components of both EVs and charging stations.

GIGAVAC’s contactors are designed to provide safe operation at extremely high current levels, and are well-positioned to enable fast charging.

GIGAVAC has over 270 employees, and expects to record $80 million in revenue for 2018. Its products are used by more than 1,500 customers in the automotive, battery storage, industrial, heavy vehicle and off-road markets. Some of these overlap with Sensata’s global customer base.

Sensata intends to maintain GIGAVAC’s existing employee base and its headquarters in Carpinteria, California.

“Over the past four months, we have significantly strengthened Sensata’s overall portfolio by divesting our lower-growth valves business, and acquiring a fast-growing, highly differentiated business in GIGAVAC,” said Martha Sullivan, CEO of Sensata. “The acquisition of GIGAVAC immediately increases Sensata’s content and capabilities for electrification. As we expand GIGAVAC’s customer reach, we expect to accelerate growth as the industry moves toward a more electrified fleet.”

MORE: A closer look at contactors

Source: Sensata Technologies