TTM Technologies has entered into an agreement to acquire Telephonics Corporation from Griffon Corporation, for $330m in cash. The acquisition is expected to expand TTM’s aerospace and defence (A&D) product portfolio and increase international A&D customers. It will also improve TTM’s position in radar systems. Founded in 1933, Telephonics focuses on delivering intelligence, surveillance, and communications solutions for land, sea, and air applications. The company provides defence electronic solutions to the US and other allies. The divestment of Telephonics will strengthen Griffon’s balance sheet, and will enable it to focus on core businesses. The transaction is expected to close in the second quarter of this year, subject to customary closing conditions and regulatory approvals.
Griffon chairman and CEO Ronald J. Kramer said: “Telephonics is a well-regarded and trusted provider of defence electronics for the US and its allies, with a seasoned leadership team and outstanding employees. We appreciate Telephonics’ long heritage as a part of Griffon, and we are confident the business will flourish as part of TTM.”
TTM CEO Tom Edman said: “I am excited for Telephonics to join TTM as we continue on our journey to move up the value chain and provide more engineered products to our offering for our customers. We expect that the complementary portfolio and skills will enhance TTM’s strategic capabilities and growth opportunities, enabling us to deliver significant benefits to our aerospace and defence customers. We also expect the transaction to be immediately accretive to our non-GAAP EPS.”
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions as well as a global designer and manufacturer of radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. With over 25,000 employees in factories and offices located around the world, you can create a future at TTM that will provide growth and opportunity.