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TT Electronics Announces Business Divestment
March 5, 2024 | TT ElectronicsEstimated reading time: Less than a minute
TT Electronics plc, a global provider of engineered electronics for performance critical applications, announces it has reached an agreement to sell three business units within the GMS and Power and Connectivity divisions to the Cicor Group for a cash consideration of £20.8 million on a cash and debt free basis1, subject to normal completion account adjustments.
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 divestment reflects the Board's continued efforts to improve the quality of earnings, strengthens the balance sheet and will allow the Group to focus on growth opportunities in its core businesses and end markets to deliver value for all stakeholders.
The Transaction is expected to complete by the end of Q1 2024 subject to the completion of certain organisation restructuring steps.
The Cicor Group is a global provider of electronic solutions with approximately 2,700 employees.
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ACDi Expands East Coast Presence with Acquisition of Fourth Manufacturing Plant
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Emerald Technologies Acquires Optimum
05/13/2024 | Emerald TechnologiesEmerald Technologies announced its acquisition of Optimum Design Associates, Inc. (Optimum), a leading electronic design and engineering services company. Terms were not disclosed.
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05/13/2024 | BUSINESS WIREAEye, Inc., a global leader in adaptive, high-performance lidar solutions, today announced that the non-binding Letter of Intent (“LOI”) announced in March is with LITEON Technology Corporation and is intended to provide AEye with a customer channel and industrialization partnership.