TTM Technologies to acquire Telephonics Corporation
Griffon Corporation has entered into a definitive agreement to sell Telephonics Corporation to PCB manufacturer TTM Technologies for USD 330 million in cash.
Telephonics has been in operation since 1933 and is a provider of intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications.
TTM states in a press release that the transaction would significantly broaden the company's Aerospace and Defense product offering vertically into higher-level engineered system solutions and horizontally into surveillance and communications markets. With the addition of critical engineering talent, the combined company is expected to be strongly positioned to benefit from the anticipated increased spending towards defense electronics.
“I am excited for Telephonics to join TTM as we continue on our journey to move up the value chain and provide more engineered products to our offering for our customers,” says Tom Edman, CEO of TTM. “We expect that the complementary portfolio and skills will enhance TTM’s strategic capabilities and growth opportunities enabling us to deliver significant benefits to our Aerospace and Defense customers. We also expect the transaction to be immediately accretive to our non-GAAP EPS.”
“This acquisition positions TTM with full vertical integration capability from printed circuit board to highly sophisticated OEM solutions to better meet our Aerospace and Defense customer needs,” adds Cathie Gridley, President of TTM’s Aerospace and Defense Business Unit.
The transaction is expected to close within the second calendar quarter of 2022.