TT Electronics gains U.S. defense footprint with acquisition of TorotelNews
September 17, 2020
WOKING, England. Performance-critical electronics engineering firm TT Electronics will acquire Torotel (Olathe, Kansas), a U.S-based designer and manufacturer of high-reliability power and electromagnetic assemblies and components for defense and aerospace, in an agreement worth $43.4 million.
The deal -- subject to approval by Torotel’s shareholders and US regulatory conditions -- would close in the 4th quarter of 2020, at which time Torotel will be fully integrated into TT as a wholly-owned subsidiary.
Richard Tyson, CEO of TT Electronics, said of the impending agreement: “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 U.S. power electronics business, strengthening our position in critical defense applications. We look forward to welcoming the Torotel team into the TT group.”