Electronics Production | April 10, 2007
TTI joins Berkshire Hathaway
TTI has announced the closing of its acquisition by Berkshire Hathaway Inc. making TTI and its affiliate Mouser Electronics part of the Berkshire Hathaway Group, whose Chairman and CEO is Warren Buffett.
Paul Andrews, TTI Chairman and CEO, commented, "The deal is complete and TTI and Mouser are honoured to be part of the distinguished Berkshire Hathaway family. We anticipate a smooth and seamless transition internally as well as for our customers and suppliers." He emphasized that the acquisition positions TTI and Mouser for the long-term. "This is a perfect union of one great company becoming part of another. Berkshire's management style melds perfectly with the way TTI has conducted its business for the past 36 years. Berkshire has an entrance strategy, but no exit strategy and that suits my business philosophy for TTI," Andrews said. TTI's and Mouser's management will remain in place and will continue to run TTI's day-to-day activities. This ownership change should be invisible to customers and suppliers. TTI finds itself among a distinguished list of some of the most solid businesses and recognizable brand names in North America including GEICO Insurance, See's Candies, Business Wire, Fruit of the Loom and NetJets, just to name a few. TTI becomes the third Fort Worth-based company to be purchased by Berkshire Hathaway. Acme Building Brands and Justin Brands also are owned by Berkshire Hathaway.