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TT Electronics plc Announces Acquisition Of ACW Technology (Zhuhai) Limited Business

Thursday, 13 Dec 2012 02:00am EST 

TT Electronics plc announced it has acquired the majority of the UK business and assets of ACW Technology Limited (in administration). The Group has also agreed the transfer of associated production from ACW Technology (Zhuhai) Limited to the TT electronics facility in Suzhou, China. The acquired business provides manufacturing services to leading global customers in the defence, aerospace and industrial markets and will be integrated into the Group's IMS division. The Group has paid consideration of GBP3.1 million, including the repayment of existing debt facilities, and will acquire net assets of cGBP3.8 million. The Group expects to incur exceptional one-off restructuring costs of approximately GBP0.9 million in 2012 and GBP1.1 million in 2013 in connection with the acquisition.