© TT Electronics Electronics Production | June 05, 2018
TT Electronics acquires Precision
UK's TT Electronics keeps expanding its presence and capabilities, this time via the acquisition of US-based Precision, a designer and manufacturer of precision electromagnetic product solutions for critical applications.
Based in Minneapolis, US, Precision has around 160 employees that support customers in medical, industrial, and aerospace and defence markets. The US company brings new design, simulation and manufacturing capabilities to TT in electromagnetics, one of its focus areas for growth. Precision’s products are primarily sold into medical applications including pace makers, neurological implants and other in-body equipment as well as external diagnostic equipment such as dialysis machines and MRI scanners, a press release reads. But that not all, Precision also serves industrial and aerospace and defence customers in applications including satellite power supplies and aerospace guidance systems. With capabilities including high-reliability, ultra-fine wire winding, particularly suited to components that require exceptionally high levels of precision, the newly acquired company will be integrated into the TT's Power Electronics division. Through this acquisition TT will provide Precision with customer and market access in Europe and Asia, supported by a global Field Application Engineering team and distribution network. TT’s operating footprint will provide significant manufacturing and supply chain capabilities in Asia to support customers in region. “The acquisition of Precision is an excellent fit with both our business and our strategy for growth and higher margins. It has a strong position in markets where the proliferation of electronics is increasingly important and will extend our capability for power electronic solutions in the important medical, industrial and aerospace and defence markets in the US. I am delighted to welcome Precision’s employees to TT as we continue to build differentiated capabilities and engineer smarter solutions together with our customers,” said Richard Tyson, CEO of TT Electronics, in the press release.