TDK Readies Major Push into Auto Magnetic Sensor Market

Japan's TDK Corp. is mounting a huge expansion in the automotive magnetic sensor market over the next three years, The Nikkei reports.

TDK entered the automotive sensor business in the fiscal year that began last April 1 with sensors used in electric power steering systems. The company currently generates roughly $3 million per year supplying such devices. It is targeting sales of about $170 million within three years.

The company's plan is to launch mass production in the next fiscal year, initially in steering system sensors, according to the newspaper. It says TDK intends to broaden its automotive business into other areas and eventually expand into such areas as factory automation and medical equipment.