AVX Corp. completes acquisition of TT Electronic’s division, including two Mexican plants
AVX Corporation announced that it has completed the previously announced acquisition of the Transportation, Sensing and Control (TS&C) division of TT Electronics, PLC, for approximately US$ 156 million in cash, subject to customary post-closing adjustments based on the actual net debt and actual working capital of the target companies.
The purchase comprises TS&C’s manufacturing subsidiaries located in Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and the USA, including 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 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.
In the financial year ended December 31, 2016, the TS&C Business generated approximately US$ 300 million of revenue.
“The purchase of the TS&C division from TT Electronics enhances our position in the automotive business and provides further opportunities for expansion. We have been carefully planning for the integration of the TS&C business with AVX and are confident that the combination presents a great opportunity for further growth,” said in a statement John Sarvis, AVX’s Chief Executive Officer and President.
AVX Corporation is a worldwide manufacturer and supplier of a broad line of passive electronic components and interconnect products. AVX’s components can be found in products manufactured in a very broad range of industries worldwide. AVX is headquartered in Fountain Inn, South Carolina.