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TT Electronics Announces Business Divestment
March 8, 2024 | TT ElectronicsEstimated reading time: Less than a minute
TT Electronics plc, a global provider of engineered electronics for performance critical applications, today 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 "Transaction Group").
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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