Showcasing many of the companies that are starting, growing, and thriving in Idaho, PRECO Electronics, a Sensata Technologies company, was featured in Idaho’s 2020 Deal Flow Report due to the substantial impact this high tech giant will have on the state.
The Deal Flow Report presents capital flow throughout the state, highlighting businesses, capital providers, and supporting organizations. In its seventh annual report, the 2020 data collected shows the resilience of the Idaho economy (151 deals with over $5.2 billion of capital flow in 2020) and the adaptability of local entrepreneurs. Thus, confirming that Idaho continues to experience rapid growth and is one of the best places in the country to live and grow a business.
In addition to the featured highlight of Sensata Technologies’ acquisition of PRECO Electronics in Idaho’s 2020 Deal Flow Report, Jim Bean, head of PRECO for more than 23 years, was an honored Capital Connect Series guest.
In his interview, Jim Bean touched on why the merger worked out so positively for PRECO and how it is to bring PRECO to the next level:
“Sensata is an amazing company, and they have been around for more than 100 years. They are in the sensor technology business, and they have excellent relationships with the same customer base that PRECO has. Anyone we do business with, whether Daimler, Paccar, Caterpillar, or John Deere, all know Sensata. You can’t walk around today without interacting with some product Sensata has developed, tire pressure sensors on your car, they are amazing in terms of their breadth. And so, what they have done is come in, buy a small company in Boise, Idaho, and taken their brand, size, and ability to make markets move and brought us to the table.”
With the backing of a leading $3B industrial technology company, PRECO’s future includes expanding its core markets. It will target new sectors that complement PRECO’s existing solutions for heavy-duty OEMs, end-users, fleet operators, and foreign and domestic authorities. PRECO now has the scalability and resources to grow and serve its current customers better than ever.
“We built the organization until we hit the sealing, and Sensata turned that sealing into the floor.”
According to Jeff Cote, CEO and President of Sensata, Sensata is confident that together, the companies will capitalize on the many growth opportunities on the horizon as both strengthen their go-to-market capabilities and build on PRECO’s global reputation.
Now, PRECO and Sensata will work together as one of the latest high-tech companies playing their part in helping Idaho evolve and significantly impact its economy and boost its position as a high-tech state.
PRECO Electronics, a Sensata Technologies company, thanks to the Idaho Technology Council and all its volunteers and organizers for contributing to the 2020 Idaho Deal Flow Report. Together, they created a reliable resource that summarizes Idaho’s trends in business activities and areas with room for improvement.