Last checked at 2 Apr 2024 07:00
2 April 2024
TT Electronics plc
Completion of Divestment
Further to the announcement of 4 March 2024, TT Electronics plc ("TT"), a global provider of engineered electronics for performance critical applications, is pleased to confirm that the divestment of the three business units within the GMS and Power and Connectivity divisions to the Cicor Group has been completed.
The divestment relates to business units in Hartlepool and Cardiff, UK and Dongguan, China which provide electronics manufacturing services ("EMS") and certain connectivity products, principally to industrial clients. The cash consideration for the divestment is £20.8 million on a cash and debt free basis1, subject to normal completion account adjustments.
For further information please contact:
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TT Electronics plc | Tel: +44 (0)1932 827 779 | |
Peter France, Chief Executive Officer Mark Hoad, Chief Financial Officer Kate Moy, Head of Investor Relations and Communications | ||
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MHP | Tel: +44 (0)20 3128 8100 | |
Tim Rowntree / Ollie Hoare | ||
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Notes:
1. Proceeds net of transaction costs are expected to be circa £17.8 million
2. TT will host a Capital Markets Event on 9 April 2024
About TT Electronics
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 the industrial, medical, aerospace and defence sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, North America and Asia.
The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.