TT Electronics to acquire Torotel, expanding presence in US aerospace and defense market

TT Electronics, a global provider of engineered electronics for performance critical applications, today announces it has agreed to 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 demonstrations of TT’s commitment to continued investment in power management devices for the aerospace and defense 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 in Q4 2020, 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 expanding 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 defense customers, providing access to growth programs with sole-sourced positions on major platforms. TT is committed to investing in the business to further improve the business’ growth prospects and engineering capability.

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 defense applications. We look forward to welcoming the Torotel team into the TT group.”

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 defense markets where the proliferation of electronics is driving demand for our custom power management and conversion systems. We are excited to welcome Torotel employees and customers to TT, and remain committed to providing our customers with the best service, products and value available.”

 

About TT Electronics plc

TT Electronics is a global provider of engineered electronics for performance-critical applications.

The company operates in industries where there are structural growth drivers, working with market-leading customers primarily in aerospace and defense, medical and industrial sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities including in the UK, US, Mexico, Sweden and Asia.

 

About Torotel

Founded in 1956, Torotel is a leading designer and manufacturer of custom magnetics products primarily for the aerospace and defense industries. Torotel is headquartered in Olathe, Kansas and has operating facilities in Olathe and Hatfield, Pennsylvania. For additional information, visit Torotel’s website at http://www.torotelproducts.com/

 

For more information about TT Electronics visit www.ttelectronics.com.