Source - LSE Regulatory
RNS Number : 8966I
TT Electronics PLC
02 April 2024
 

 

 


2 April 2024

 

TT Electronics plc

 

Completion of Divestment

 

Further to the announcement of 4 March 2024, TT Electronics plc ("TT"), a global provider of engineered electronics for performance critical applications, is pleased to confirm that the divestment of the three business units within the GMS and Power and Connectivity divisions to the Cicor Group has been completed.

 

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 cash consideration for the divestment is £20.8 million on a cash and debt free basis1, subject to normal completion account adjustments.

 

 

 

 

For further information please contact:

 

 

TT Electronics plc     

Tel: +44 (0)1932 827 779

Peter France, Chief Executive Officer

Mark Hoad, Chief Financial Officer

Kate Moy, Head of Investor Relations and Communications

 

 

MHP

Tel: +44 (0)20 3128 8100

Tim Rowntree / Ollie Hoare


 

Notes:

 

1.   Proceeds net of transaction costs are expected to be circa £17.8 million

2.   TT will host a Capital Markets Event on 9 April 2024

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance critical applications.

The company operates in industries where there are structural growth drivers, working with market-leading customers primarily in the industrial, medical, aerospace and defence sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, North America and Asia.

The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCQKDBDABKDQQK
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Tt Electronics PLC (TTG)

+3.00p (+1.71%)
delayed 15:41PM