Surrey’s TT Electronics sells three business units for £20.8m

Woking-based TT Electronics is slimming down its portfolio with the sale of three business units within the company’s global manufacturing services and solutions (GMS) and power and connectivity divisions.

The units – based in Hartlepool, Cardiff and Dongguan in China – have been acquired by Swiss electronics group Cicor for a cash consideration of £20.8 million on a cash and debt free basis.

All three provide electronics manufacturing services (EMS) and connectivity products to a mainly industrial client base.

Peter France, CEO of TT Electronics, said: “We’re focused on being a more profitable and resilient business underpinned by a strong balance sheet and operating in attractive growth markets.

“This simplification of our portfolio will further improve our financial profile and allows TT to focus on delivering value to our stakeholders by focusing on our core growth markets and driving margin progression.

“I’d like to thank the teams who’ll transfer across to Cicor for their hard work and wish them continued success.”

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