United Kingdom Electronics Tender

TT Electronics a global provider of engineered electronics for performance critical applications announces it has agreed to acquire Torotel a US-based designer and manufacturer of high-reliability power and electromagnetic assemblies and components for the aerospace and defense markets. The acquisition is one of several recent demonstrations of TTs commitment to continued investment in power management devices for the aerospace and defense market.TT has agreed to acquire Torotel for 43.4 million. The acquisition is subject to approval by Torotels 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 TTs power electronics capabilities and expanding US footprint following on from the recently acquired Covina California-based business unit from Excelitas Technologies. Torotel will extend TTs list of blue-chip US aerospace and defense customers providing access to growth programs with sole-sourced positions on major platforms. TT is committed to investing in the business to further improve the business growth prospects and engineering capability.Richard Tyson CEO TT Electronics saidWe 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 TTs existing US power electronics business strengthening our position in critical defense applications. We look forward to welcoming the Torotel team into the TT group.Michael Leahan EVP TT Electronics Power Solutions saidTorotel is a clear fit with TTs strategy to build leading positions in the aerospace and defense markets where the proliferation of electronics is driving demand for our custom power management and conversion systems. We are excited to welcome Torotel employees and customers to TT and remain committed to providing our customers with the best service products and value available.