TT expands its presence on the US aerospace and defense market
TT Electronics says it will acquire Torotel, a US-based designer and manufacturer of high-reliability power and electromagnetic assemblies and components for the aerospace and defense markets.
The acquisition is one of several, recent big steps the company has taken in its continued investment in power management devices for the aerospace and defense market. TT has agreed to acquire Torotel for USD 43.4 million. The acquisition is still subject to approval by Torotel’s shareholders and US regulatory conditions but is expected to close in Q4 2020. Once completed, the business will be fully integrated into TT as a wholly-owned subsidiary. The acquisition will broaden TT’s power electronics capabilities and expand the groups US footprint following on from the recently acquired Covina, a California-based business unit from Excelitas Technologies. The addition of Torotel will extend TT’s list of blue-chip US aerospace and defense customers, providing access to growth programs with sole-sourced positions on major platforms. TT also says that it is committed to investing in the business to further improve the its growth prospects and engineering capability. “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 defense applications. We look forward to welcoming the Torotel team into the TT group,” says Richard Tyson, CEO, TT Electronics, in a press release.