TT Electronics plc (“TT”), a global provider of engineered electronics for performance critical applications, is pleased to confirm the divestment of the three business units within the GMS and Power and Connectivity divisions (collectively, TT Electronics IoT Solutions Ltd.) to the Cicor Group was completed on March 31, 2024.
The divestment relates to business units in Hartlepool and Cardiff, UK and Dongguan, China which provide electronics manufacturing services (“EMS”) and certain connectivity products, principally to industrial and aerospace and defense clients.
TT Electronics IoT Solutions Ltd. employs more than 500 people at its sites in Hartlepool and Newport in the UK and Dongguan in China and has a total production area of approximately 25,000 square meters (269,000 square feet). In the last financial year, TT Electronics IoT Solutions Ltd. generated £70.2 million in sales.
The combination of TT Electronics IoT Solutions Ltd. with the Cicor companies Axis Electronics (acquired in 2021) and STS Defence (acquired in 2024), will create the new leader in the UK EMS market.
PB&W served as advisor to TT Electronics plc.
