REG - TT Electronics PLC - Completion of Divestment

TT electronicsAnnouncement

02/04/2024 07:00

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RNS Number : 8966I  TT Electronics PLC  02 April 2024

 

 

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
basis(1), subject to normal completion account adjustments.

 

 

 For further information please contact:

 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

 MHP                                       Tel: +44 (0)20 3128 8100
 Tim Rowntree / Ollie Hoare
 ()

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.

 

 

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