Knowles in Itasca sells timing device business

Knowles Corp., a global supplier of advanced micro-acoustic, audio processing and precision device solutions, said it completed the sale of its timing device (oscillator) business to Microsemi Corp. for $130 million in cash.

The company expects to use a portion of the net proceeds to reduce outstanding borrowings under the company's revolving credit facility.

The company expects to reclassify the assets, liabilities and results of the operations of the timing device business to discontinued operations in the fourth quarter of 2017.

The divestiture of the timing device business reduces the company's fourth quarter guidance for continuing operations by approximately $26 million in revenues and reduces GAAP and Non GAAP EPS by approximately $0.02.

Founded in 1946 and headquartered in Itasca, Knowles is a global organization with employees in 12 countries.