© stadium group Electronics Production | February 22, 2018
TT Electronics to acquire Stadium Group
The boards of Stadium Group and TT Electronics have reached an agreement under which TT will acquire the entire issued and to be issued share capital of Stadium.
TT will offer Stadium’s shareholders GBP 1.20 per share, which values the entire issued share capital of Stadium at approximately GBP 45.8 million (about EUR 51.81 million), the companies state in a release. This will be the first acquisition by TT following its divestment of its Transportation Sensing and Control Division in 2017. The planned acquisition follows TT's stated strategy to focus on areas of structural growth where there is increased electronic content and greater product differentiation. With the addition of Stadium, TT will enhance its portfolio and capabilities as well as strengthen its position in certain sectors where demand for electronics is growing quickly. To name a few the company will get a greater presence in the industrial, medical, aerospace and defence and transportation sectors. Not to mention that the company will receive enhanced product capabilities in power electronics and connectivity, adding more scale to the businesses of both TT and Stadium. "The acquisition of Stadium is an important step to accelerate our strategy of building leading positions in sectors where increasing electrification is fuelling demand for our highly engineered electronic solutions,” says Richard Tyson, CEO of TT.We look forward to welcoming Stadium's employees and combining power electronics capabilities and R&D expertise to drive growth for the combined business. Stadium will add complementary technologies including connectivity offerings, in industries we already know well." "On behalf of the Stadium Board, I can confirm the recommendation of the Stadium Directors in favour of TT's cash offer for Stadium. The Stadium Board's strategy in transitioning the company to a design-led technology business with a focus on wireless connectivity, power and interface and displays has been successful and is now entering the next phase of growth. We believe that the offer from TT represents an attractive and certain value in cash today for Stadium Shareholders, reflecting the high quality of the business, its people and future prospects,” commented Nick Brayshaw, Chairman of Stadium. TT Electronics says that in order to achieve the expected benefits of the transaction, some operational and administrative restructuring of Stadium will be required. “In addition to the integration of the overlapping offices of Stadium and TT in North America, there will no longer be a requirement for the planned expansion of Stadium's North American sales and operations footprint,” the announcement reads. As of to date, no proposals have yet to be finalised as to how and where such headcount reductions will be implemented. However, the company expects overall job reductions related to the current Stadium workforce to be less than 3% of Stadium's total headcount. The timing and magnitude of workforce reductions and eventual office closures remain subject to a number of factors including overall market conditions. The companies will initiate a more detailed review, which is targeted to be completed in the first 12 months of ownership, will provide more information on how to more forward.
TF Massif Technologies taps new CEO British Columbia-based TF Massif Technologies has announced the appointment of Tom Peregoodoff as the company’s new chief executive officer.
DoJ: Google, Fitbit deal under review The U.S. Justice Department is looking into anti-trust issues concerning Google's bid to buy Fitbit Inc.
L3Harris Tech secures U.S. Marine Corps order L3Harris Technologies received a USD 50 million follow-on delivery order for Falcon III AN/PRC-160 HF radios and related equipment from the U.S. Marine Corps .
Metair completes Romanian lithium-Ion battery cell factory South African energy storage company, Metair Investments, says that its Romanian units Prime Batteries and Rombat have completed the installation of the group's first Lithium-Ion battery cell manufacturing and assembly facility in Bucharest, Romania.
£5m award marks ‘topping out’ of Cardiff research powerhouse An GBP 80 million Cardiff University powerhouse for Welsh scientific research has been ‘topped out’ by Bouygues UK – backed by over GBP5 million support from Welsh Government and industrial partners.
Advanced Energy expands with new lab near Frankfurt Advanced Energy Industries, Inc. has opened its Advanced Materials Processing (AMP) Showcase Lab near Frankfurt, Germany.
TTM Technologies unveils NY engineering center On the heels of its acquisition of manufacturing and IP assets from i3 Electronics Inc., TTM Technologies has announced the opening of a new engineering center in Binghamton, NY.
EU Commission to support pan-European battery development Seven member states will provide, in the coming years, up to EUR 3.2 billion in funding to support research and innovation in the common European priority area of batteries.
The pulse of the electronics industry Growth is slowing worldwide and the industry’s outlook is less optimistic than in previous quarters, although it is still generally positive, according to the results of IPC’s fourth-quarter 2019 Pulse of the Electronics Industry survey.
Teradyne delivers J750 semiconductor test system to Ardentec Teradyne has hit a milestone with the 6,000th shipment of the J750 family of semiconductor testers.
Season Group names new SvP for global business development Season Group has appointed Stephen Tsao as the company's new Senior Vice President, Global Business Development.
Zestron appoints new sales director Europe Mr. Adam Meinert recently joined ZESTRON as the Sales Director of Europe.
Sypris Electronics tapped for NASA project Sypris Electronics LLC has been awarded a contract from Collins Aerospace in association with NASA’s Orion Spacecraft project.
NexLogic eyes implantable med-electronics NexLogic Technologies Inc. has announced its entry into assembly and manufacturing of implantable medical devices, a rapidly growing segment in the medical electronics market.
International Wire Group buys Owl Wire and Cable International Wire Group (IWG) has acquired New York-based Owl Wire and Cable from Marmon Holdings Inc.
ZF to set up third research and development centre in China ZF Friedrichshafen AG is establishing a third Chinese R&D centre in Guangzhou southern China. Representatives of ZF and the local authorities have signed an agreement and ZF plans to invest approximately EUR 90 million in the new development center.
Semiconductor market suffers another plunge in Q3 With revenue plunging by a gut-wrenching 14.7% in the third quarter, the global semiconductor market appears destined for a year of double-digit decline, despite some signs of growth in the critical memory segment, says IHS Markit.
Ericsson to pay $1B to resolve US corruption investigations Swedish telecom company Ericsson has reached a resolution on U.S. FCPA investigations by the the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
Bel acquires CUI Inc. power assets Bel Fuse Inc. has closed on its previously-announced deal with CUI Global for the majority of the power business of its subsidiary, CUI Inc.
Accel Robotics more than quadruples initial funding San Diego-based start-up Accel Robotics has announced a USD 30 million Series A funding round led by SoftBank Group Co.
General Motors, LG Chem partner in Ohio General Motors and LG Chem have announced plans to form a joint, equally-owned company to mass-produce electric vehicle battery cells.
Swissbit opens electronics production facility in Berlin Swissbit has been manufacturing in Germany since 2002 and has now official opened its new electronics production facility in Berlin.
Revenue ranking of global top 10 IC design companies The newest analysis from TrendForce shows that several U.S.-based IC design companies experienced continually expanding losses in 3Q19 revenue because of the ongoing China-U.S. trade war and because Huawei had yet to be removed from the Entity List.
Mycronic receives order for an upgrade of a Prexision system Swedish production equipment specialist, Mycronic AB, has received an order to upgrade a system to a full-scale Prexision 8.Load more news