TTM Acquires Telephonics Corporation for $330 Million
TTM Technologies, announced that it has completed the previously announced acquisition of Telephonics Corporation (“Telephonics”) from Griffon Corporation for approximately $330 million in cash. Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications.
The transaction significantly broadens TTM’s Aerospace and Defense product offering vertically into higher-level engineered system solutions and horizontally into surveillance and communications markets, while strengthening its position in radar systems. With the addition of critical engineering talent, the combined company will be well positioned to benefit from the anticipated increased spending in defense electronics.
“I enthusiastically welcome Telephonics employees to TTM and look forward to the combination of our respective talents,” said Tom Edman, CEO of TTM. “We expect that Telephonics’ complementary portfolio and skills will enhance TTM’s strategic capabilities and growth opportunities, enabling us to deliver significant benefits to our Aerospace and Defense customers.”