TT Electronics Acquires Kansas Magnetic Components Maker for $43 Million

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what's happening in industry. Sign up here to get the day's top stories delivered straight to your inbox.

United Kingdom-based TT Electronics, which provides engineered electronics for critical performance applications, announced on September 17 that it has acquired Olathe, Kansas-based Torotel Products, a maker of magnetic components used in defense and aerospace applications.

Purchased for $43.4 million, Torotel was founded in 1956 and currently has about 150 employees at its facilities in Olathe. Its precision magnetic components cater to the defense, aerospace, and energy markets with products such as electromechanical assemblies, transformers, toroidal coils, inductors reactors, and chokes used in aircraft, medical, drilling, missile guidance, and other defense and commercial aerospace applications. Besides Olathe, Torotel has facilities in Hatfield, Pennsylvania.

TT — which makes sensors, power management devices, and connectivity solutions — said the deal is expected to close in the fourth quarter of 2020. It will expand the company's power electronics capabilities and footprint in the United States, on the heels of TT's acquisition of the defense power product line from Covina, California-based Excelitas Technologies in January of this year.

TT's 2020 first-half sales of $272 million were down 12% from the first half of 2019, while 2019 full-year revenue totaled $618 million. TT ended 2019 with about 4,800 employees across the U.S., Europe, and Asia. The company has design and production facilities in the U.K., U.S., Mexico, Sweden, and Asia.

Image Credit: Courtesy of TT electronics.