TT Electronics announced its acquisition of Precision, which manufactures electromagnetic products for customers in the medical, industrial, and aerospace and defense markets. Buying the Minneapolis, Minnesota-based Precision follows its acquisition of Stadium Group, which manufactures connectivity solutions, power supplies, interfaces and electronic assemblies for many of the same industries.
Precision, which employs around 160 people worldwide, primarily provides components for medical devices, including pacemakers, neurological implants and other implantable devices as well as imaging systems and other equipment. The company also serves aerospace customers with satellite power supplies and aerospace guidance systems. Other products include high-reliability wire winding for industrial components that require high levels of precision.
“The acquisition of Precision is an excellent fit with both our business and our strategy for growth and higher margins,” said Richard Tyson, chief executive of TT Electronics, in a statement. “It has a strong position in markets where the proliferation of electronics is increasingly important and will extend our capability for power electronic solutions in the important medical, industrial and aerospace and defense markets in the U.S.” The terms of the deal were not disclosed.