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TTM Technologies Completes Acquisition of Telephonics Corporation
June 28, 2022 | TTM Technologies, Inc.Estimated reading time: 1 minute
TTM Technologies, Inc. announced that it has completed the previously announced acquisition of Telephonics Corporation (“Telephonics”) from Griffon Corporation for approximately $330 million in cash. Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications.
The transaction significantly broadens TTM’s Aerospace and Defense product offering vertically into higher-level engineered system solutions and horizontally into surveillance and communications markets, while strengthening its position in radar systems. With the addition of critical engineering talent, the combined company will be well positioned to benefit from the anticipated increased spending in defense electronics.
“I enthusiastically welcome Telephonics employees to TTM and look forward to the combination of our respective talents,” said Tom Edman, CEO of TTM. “We expect that Telephonics’ complementary portfolio and skills will enhance TTM’s strategic capabilities and growth opportunities, enabling us to deliver significant benefits to our Aerospace and Defense customers.”
Key Terms of the Transaction and Financial Highlights
The purchase of the stock of the Telephonics business entities was completed in a debt free, cash free transaction for $330 million in cash, subject to customary working capital adjustments.
TTM has identified approximately $12 million in pre-tax, run rate, cost synergies which are expected to be realized by the end of 2024. TTM believes that significant additional revenue and cost synergies will result from other integration efforts over a longer period of time.
TTM expects to finance the purchase with cash on hand. At the end of the first quarter of fiscal year 2022, TTM had $519.1 million in cash on the balance sheet.
This transaction is expected to be immediately accretive to non-GAAP EPS. However, TTM does not expect a material contribution from Telephonics in Q2 due to the transaction close date at the end of our second quarter. We will provide further information during our second quarter earnings call.
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