Acquisition of B I Technologies for £39.7m
TT Group PLC
10 January 2000
TT GROUP PLC
Expansion of Electronics Activities with £39.7 million acquisition of
B I Technologies Corporation
TT Group PLC announces the acquisition, subject to certain regulatory
approvals, of B I Technologies Corporation from Astec International
Holdings Ltd a subsidiary of Emerson Electric Co for a cash
consideration of US$65 million (£39.7 million). The consideration is
being satisfied from existing resources. B I Technologies is a
passive electronics business manufacturing components including
resistors, automotive sensors and inductors from factories in
California, Mexico, Malaysia and Scotland. B I Technologies achieved
sales of US$93.4million (£57.1m) and operating profits of US$5.9
million (£3.6m) for the year ended 30 September 1999. Net assets of
US $ 23.3 million (£14.2 million) are being acquired.
B I Technologies is a leading supplier of electronic components to
the automotive, telecommunication, computer and aerospace markets.
The acquisition of B I Technologies follows a comprehensive review of
TT Group's business and the decision to focus increasingly on these
markets.
It is intended to combine B I Technologies with TT Group's existing
electronic businesses in the UK, Europe and North America in order to
further develop the Group's electronic component product offering and
customer base around the world.
TT Group has a strong presence in the automotive, telecommunication,
computer and aerospace markets. The Group has achieved good new
business success over the last few months, winning a number of
contracts from USA and German automotive companies to supply vehicles
with air conditioning controls.
John Newman, Executive Chairman of TT Group PLC commented:
'B I Technologies represents an ideal fit with TT Group's electronic
component business and will allow us to further develop our position
in the automotive, telecommunications, computer and aerospace
markets. The acquisition follows our decision to focus the Group's
acquisition criteria and target these core areas'.
ENQUIRIES:
TT Group PLC Tel: 01932 856647
John Newman, Executive Chairman
College Hill Tel: 0171 457 2020
James Henderson
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