TT Electronics sells AB Elektronik automotive sensor business in £120m deal
- Автор:Ella Cai
- Отпустите на:2017-08-08
TT Electronics has sold its Transportation, Sensing & Control (TS&C) division, which trades as AB Elektronik, to US-based AVX Corporation in a £120m deal.
Under the deal, AVX is to pay £118.8m for the division, which has turnover of just under £240m and is headquartered in Woking, Surrey.
AB Elektronik has facilities in nine locations worldwide: Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and the US. It employs 1,600 staff, of which some 180 are in R&D.
It designs, develops and manufactures sensors for temperature, position and speed, including exhaust/emission control sensors.
For AVX, the addition of AB Elektronik expands its product offering to include sensors, LED lighting and control modules.
AVX president and CEO John Sarvis described AB Elektronik as a “premier brand that we are proud to add to the AVX Group”.
He added: “They are well recognised in the areas of sensing and controles offering a broad range to the automotive market. The combination of AVX and TS&C offers exciting growth potential for the years ahead.”
TT Electronics CEO Richard Tyson said: “Having returned the TS&C division to growth and provitability faster than expected, we believe it will be better positioned to achieve its full potential under the ownership of AVX.
“Now is the right time to realise the value of the division for the benefit of TT and our shareholders. Following the disposal, TT will be a higher margin, higher quality business, with an improved geographic and market balance.”
Under the deal, AVX is to pay £118.8m for the division, which has turnover of just under £240m and is headquartered in Woking, Surrey.
AB Elektronik has facilities in nine locations worldwide: Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and the US. It employs 1,600 staff, of which some 180 are in R&D.
It designs, develops and manufactures sensors for temperature, position and speed, including exhaust/emission control sensors.
For AVX, the addition of AB Elektronik expands its product offering to include sensors, LED lighting and control modules.
AVX president and CEO John Sarvis described AB Elektronik as a “premier brand that we are proud to add to the AVX Group”.
He added: “They are well recognised in the areas of sensing and controles offering a broad range to the automotive market. The combination of AVX and TS&C offers exciting growth potential for the years ahead.”
TT Electronics CEO Richard Tyson said: “Having returned the TS&C division to growth and provitability faster than expected, we believe it will be better positioned to achieve its full potential under the ownership of AVX.
“Now is the right time to realise the value of the division for the benefit of TT and our shareholders. Following the disposal, TT will be a higher margin, higher quality business, with an improved geographic and market balance.”
