The acquisition is one of several recently announced by TT and, according to the company, highlights its commitment to investing in power management devices for the aerospace and defence market.
TT has agreed to acquire Torotel for $43.4 million. The acquisition is subject to approval by Torotel’s shareholders and US regulatory conditions and is expected to close later this year, at which point the business will be fully integrated into TT as a wholly-owned subsidiary.
The acquisition will broaden TT’s power electronics capabilities and expand its US footprint following on from the recently acquired Covina, California-based business unit from Excelitas Technologies. Torotel will extend TT’s list of blue-chip US aerospace and defence customers, providing access to growth programs with sole-sourced positions on major platforms.
TT i=said that it was committed to investing in the business to further improve the business’ growth prospects and engineering capability.
Commenting Richard Tyson, CEO, TT Electronics said: “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 defence applications."
In response Michael Leahan, EVP, TT Electronics Power Solutions said, “Torotel is a clear fit with TT’s strategy to build leading positions in the aerospace and defence markets where the proliferation of electronics is driving demand for our custom power management and conversion systems.”
