Electronics Production | December 22, 2006
TTI sold to Berkshire
TTI, Inc. and Berkshire Hathaway Inc. announced today that they have entered into a definitive agreement pursuant to which Berkshire Hathaway will acquire TTI, Inc., a privately held electronic component distributor headquartered in Fort Worth, Texas.
The acquisition will also include TTI's subsidiary Mouser Electronics. The terms of the transaction were not disclosed. TTI, Inc. will operate as a wholly owned subsidiary of Berkshire Hathaway. TTI's management will remain in place and will continue to run TTI's day to day activities. Paul Andrews will continue in his current capacity as Chairman and Chief Executive Officer. Operations will not be affected by the ownership change. The acquisition is subject to customary closing conditions along with the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close during the first quarter of 2007. Warren Buffett, Berkshire Hathaway's Chairman and Chief Executive Officer, stated, "Paul Andrews is a remarkable man who has built an outstanding business. We are pleased to have the opportunity to add TTI to the Berkshire Hathaway Group." Paul Andrews, TTI's founder, Chairman, and Chief Executive Officer, said "It is a real honor for TTI and Mouser to become part of the Berkshire Hathaway Group. Berkshire is recognized as being one of the most admired companies in the world. They take a long term view of the business and will allow TTI to continue with our growth plans. They have an excellent reputation and fit very well with TTI's values. TTI has enjoyed a successful 35 years and I am confident in our future as being part of Berkshire Hathaway." TTI and Mouser have enjoyed consistent growth for many years and are embarking on a growth strategy that includes international expansion and new product expansion, along with the addition of several key franchise additions. Today, TTI operates in over 19 countries with over 50 branch locations. In addition, Mouser has recently completed a major facility expansion which has more than doubled its capacity.