TTM Technologies has entered into an agreement to acquire Telephonics Corporation from Griffon Corporation, for $330m in cash.
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.
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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.
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.”
The divestment of Telephonics will strengthen Griffon’s balance sheet, and will enable it to focus on core businesses.
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By GlobalDataGriffon 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.”
The transaction is expected to close in the second quarter of this year, subject to customary closing conditions and regulatory approvals.
