TT Electronics buys US power supply maker for $34m
The acquisition is part of TT strengthening its position in power management devices for the aerospace and defence market as Torotel has a number of sole-sourced projects.
The deal 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 is headquartered in Olathe, Kansas and has operating facilities in Olathe and Hatfield, Pennsylvania.
“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,” said Richard Tyson, CEO of TT Electronics.
“Torotel is a clear fit with TT’s strategy to build leading positions in the aerospace and defence 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,” said Michael Leahan, EVP, TT Electronics Power Solutions.
TT has design and manufacturing facilities including in the UK, US, Mexico, Sweden and Asia.
www.torotelproducts.com; www.ttelectronics.com
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