UK-based TT Electronics has expanded its capabilities and scale by acquiring the Power and Control (P&C) business of Elbit Systems UK's Ferranti Technologies subsidiary for GBP9 million (USD12 million) in cash, TT announced on 10 January.
Based in England's Greater Manchester region, Ferranti P&C designs and manufactures power and control devices for air, land, and naval systems. Its products include power converters, motor controllers, and emergency power equipment. About 60 Ferranti employees will move to TT as part of the deal.
The acquisition “is in line with our strategy for growth at higher margins and moving up the value chain in our target end markets” in aerospace and defence, TT CEO Richard Tyson said.
The transaction follows TT's acquisition of US electronics manufacturer Torotel in November 2020 for USD43.4 million.
Elbit Systems UK, which is part of Israel's Elbit Systems, said it plans to keep Ferranti's remaining business, which includes training and simulation, avionics, display systems, aircrew survival systems, platform protection, and computing. Elbit, which acquired Ferranti in 2007, said the P&C divestiture will help it focus on areas where it sees the most growth potential.
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