TTI announced the acquisition of Switzerland’s Compona and its German subsidiary Cosy Electronics. Both are specialty distributors of interconnect products and provide many of the same services as its new parent company, including in-house assembly of connector ranges and support of custom cable harnesses. The terms of the deal disclosed on Monday are unknown.
The deal reinforces TTI’s position in the distribution of interconnect, passive and electromechanical parts as it attempts to establish a beachhead in new product categories. The Fort Worth, Texas-based company has been eyeing acquisitions in the semiconductor space to tap into the Internet of Things race. It has been negotiating several such deals in recent months, nothing has been announced yet.
The deal will expand the company’s presence in Europe, the world’s second largest economy, giving the privately-held Compona and Cosy Electronics more inventory and financial backing to stave off increasing international competition. Reit Morell, Compona’s chief executive officer, will continue to lead the company under Glyn Dennehy, EMEA president for TTI.