© TT Electronics Electronics Production | November 20, 2019
TT Electronics steps up its US presence – acquires Excelitas unit
TT Electronics has struck a deal to acquire a US based business that designs and manufactures power electronics for defence and aerospace markets, enhancing its ability to engineer complete power converters.
TT has agreed to acquire Excelitas Technologies, Covina, California based business that designs and manufactures power supplies from Excelitas, for USD 17.7 million.
Richard Tyson - CEO © TT ElectronicsThe acquisition aims to enhance TT’s US presence in power electronics for aerospace and defence, providing access to growth programmes with sole-source positions. The acquisition will also add a number of blue-chip US defence primes. The company says that it is committed to investing in the Covina unit to further improve the business’ growth prospects and engineering capability. “I am delighted to announce that we have agreed to acquire this business with its exciting power capabilities in a large and fast-growing market. This acquisition will help us move up the value chain and add the ability to engineer entire power convertors to our core power electronic capabilities in aerospace and defence. We look forward to welcoming the employees and customers to TT early next year,” says Richard Tyson, CEO, TT Electronics in a press release. The acquisition is expected to be complete in the first quarter of 2020 following approvals from the US authorities. The aerospace and defence power supply business of Excelitas Technologies recorded revenues for the last 12 months to June 2019 of USD 9.3 million, and adjusted EBITDA of USD 1.7 million.