TTM Technologies To Acquire Telephonics For $330 Million From Griffon Corporation
TTM Applied sciences has entered into an settlement to amass Telephonics Company from Griffon Company, for $330m in money. The acquisition is predicted to broaden TTM’s aerospace and defence (A&D) product portfolio and improve worldwide A&D clients. It can additionally enhance TTM’s place in radar programs. Based in 1933, Telephonics focuses on delivering intelligence, surveillance, and communications options for land, sea, and air functions. The corporate offers defence digital options to the US and different allies. The divestment of Telephonics will strengthen Griffon’s steadiness sheet, and can allow it to concentrate on core companies. The transaction is predicted to shut within the second quarter of this 12 months, topic to customary closing circumstances and regulatory approvals.
Griffon chairman and CEO Ronald J. Kramer stated: “Telephonics is a well-regarded and trusted supplier of defence electronics for the US and its allies, with a seasoned management workforce and excellent staff. We recognize Telephonics’ lengthy heritage as part of Griffon, and we’re assured the enterprise will flourish as a part of TTM.”
TTM CEO Tom Edman stated: “I’m excited for Telephonics to affix TTM as we proceed on our journey to maneuver up the worth chain and supply extra engineered merchandise to our providing for our clients. We count on that the complementary portfolio and abilities will improve TTM’s strategic capabilities and progress alternatives, enabling us to ship vital advantages to our aerospace and defence clients. We additionally count on the transaction to be instantly accretive to our non-GAAP EPS.”
TTM Applied sciences, Inc. is a number one international printed circuit board producer, specializing in quick-turn and quantity manufacturing of technologically superior PCBs, backplane assemblies and electro-mechanical options in addition to a world designer and producer of radio frequency (RF) and microwave parts and assemblies. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing providers allow clients to shorten the time required to develop new merchandise and convey them to market. With over 25,000 staff in factories and places of work situated around the globe, you possibly can create a future at TTM that may present progress and alternative.
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