AVX Corp. acquires TT Electronics division; deal includes two Mexican plants
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AVX Corporation announced that it has signed a definitive agreement to acquire the Transportation, Sensing & Control division (TS&C), from the UK-based TT Electronics PLC. The deal includes manufacturing facilities in Mexicali and Juarez, Mexico.
In accordance with the agreement, AVX will acquire TS&C for approximately US$ 155.5 million in cash, subject to normal working capital adjustments at closing. The transaction is subject to approval of the TT Electronics PLC shareholders, and other conditions, including regulatory approvals.
The TS&C division of TT Electronics PLC designs, develops, manufactures and markets Sensors for temperature, position, and speed, including exhaust/emission control sensors. The Company’s products are utilized in a broad range of automotive applications.
The TS&C Business operates in its own facilities or shared facilities in nine locations worldwide: Austria, China, Germany, India, Mexico, Romania, South Korea, the United Kingdom and the U.S., comprising R&D, manufacturing and sales office locations.
In Mexico, TS&C operates manufacturing facilities in Mexicali, Baja California, and Juarez, Chihuahua. The Juarez facility produces automotive parts such as camshaft position sensors, crankshaft position sensors, and ignition timing sensors among others. Its customers portfolio include: Fiat Chrysler Automobiles, Ford Motor Company and General Motors Company.
AVX also owns a production plant in Juarez, making likely to consolidate operations under a same roof in the foreseeable future.
John Sarvis, President and CEO of AVX Corporation, stated, “The addition of TS&C expands AVX’s product offering to include sensors, LED lighting and control modules. They are well recognized in the areas of sensing and controls offering a broad range to the automotive market. The combination of AVX and TS&C offers exciting growth potential for the years ahead.”
In the financial year ended December 31, 2016, the TS&C Business generated approximately US$ 300 million of revenue. At December 31, 2016, TS&C employed approximately 1,600 people, 180 of whom were in product development, reflecting the division’s strong R&D focus.
AVX Corporation is a South Carolina-based worldwide manufacturer and supplier of a broad line of passive electronic components and interconnect products which can be found a very broad range of industries worldwide.