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