- The acquisition is subject to approvals from the US authorities and is expected to complete in the first quarter of 2020
- The company says that the this acquisition will enhance its ability to engineer complete power converters
TT Electronics has agreed to acquire Covina of Excelitas Technologies Corp which is a California-based business that designs and manufactures power supplies for defence and aerospace markets from Excelitas, for $17.7 million. The company says that the this acquisition will enhance its ability to engineer complete power converters.
Richard Tyson, CEO, TT Electronics said, “I am delighted to announce that we have agreed to acquire this business with its exciting power capabilities in a large and fast-growing market. This acquisition will help us move up the value chain and add the ability to engineer entire power convertors to our core power electronic capabilities in aerospace and defence. We look forward to welcoming the employees and customers to TT early next year.”
The acquisition is expected to complete in first quarter of 2020
The acquisition is subject to approvals from the US authorities and is expected to complete in the first quarter of 2020 when the business will be integrated into TT. The company says that the acquisition will add a number of blue-chip US defence primes.
Excelitas Technologies’ aerospace and defence power supply business revenue for the last 12 months to June 2019 was $9.3 million and and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $1.7 million.
