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© tt electronics (illustration purpose only) Components | July 19, 2017

AVX to acquire AB Elektronik from TT Electronics

AVX Corporation has signed a definitive agreement to acquire the Transportation, Sensing & Control (TS&C) division from UK-based TT Electronics.
John Sarvis, President and Chief Executive Officer of AVX Corporation, stated, "The addition of TS&C expands AVX's product offering to include sensors, LED lighting and control modules. TS&C, trading as AB Electronik, is a premier brand that we are proud to add to the AVX Group. They are well recognized in the areas of sensing and controls offering a broad range to the automotive market. The combination of AVX and TS&C offers exciting growth potential for the years ahead."

AVX will acquire TS&C for a consideration of GBP 118.8 million (approximately USD 155.5 million) in cash, subject to normal working capital adjustments at closing. The transaction is subject to approval of the TT Electronics PLC shareholders, and other conditions, including regulatory approvals, that are customary for transactions of this type.

The TS&C Business operates in its own facilities or shared facilities in nine locations worldwide: Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and the USA, comprising R&D, manufacturing and sales office locations.

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October 16 2017 2:56 PM V8.8.6-1