TT Electronics acquistion extends US mil/aero presence
TT Electronics is acquiring Torotel, a US-based designer and manufacturer of high-reliability power and electromagnetic assemblies and components for the aerospace and defence markets.
The acquisition is one of several, recent demonstrations of TT’s commitment to continued investment in power management devices for the aerospace and defence market.
TT has agreed to acquire Torotel for $43.4 million. The acquisition is subject to approval by Torotel’s shareholders and US regulatory conditions and is expected to close in Q4 2020, at which point the business will be fully integrated into TT as a wholly-owned subsidiary.
The acquisition will broaden TT’s power electronics capabilities and expanding US footprint following on from the recently acquired Covina, California-based business unit from Excelitas Technologies.
Torotel will extend TT’s list of blue-chip US aerospace and defence customers, providing access to growth programs with sole-sourced positions on major platforms.
TT says it will invest in the business to continue to grow the company and enhance its engineering capability.
Richard Tyson, CEO, TT Electronics said: “We are really excited about the acquisition of Torotel, a business we have been tracking for some time. It is an excellent fit and complementary to TT’s existing US power electronics business, strengthening our position in critical defence applications. We look forward to welcoming the Torotel team into the TT group.”