AVX Corp. Announces a Definitive Agreement to Acquire the Transportation, Sensing, & Control Division of TT Electronics PLC
July 19 2017 - 7:36AM
Business Wire
AVX Corporation (NYSE:AVX) today announced that it has signed a
definitive agreement to acquire the Transportation, Sensing &
Control division (hereinafter called TS&C), from the UK
company, TT Electronics PLC (LSE:TTG.L).
John Sarvis, President and Chief Executive Officer of AVX
Corporation, stated, "The addition of TS&C expands AVX's
product offering to include sensors, LED lighting and control
modules. TS&C, trading as AB Electronik, is a premier brand
that we are proud to add to the AVX Group. They are well recognized
in the areas of sensing and controls offering a broad range to the
automotive market. The combination of AVX and TS&C offers
exciting growth potential for the years ahead."
In accordance with the agreement, AVX will acquire TS&C for
a consideration of £118.8 million (approximately US$155.5 million)
in cash, subject to normal working capital adjustments at closing.
The transaction is subject to approval of the TT Electronics PLC
shareholders, and other conditions, including regulatory approvals,
that are customary for transactions of this type.
The TS&C division of TT Electronics PLC designs, develops,
manufactures and markets Sensors for temperature, position, and
speed, including exhaust/emission control sensors. The Company's
products are utilized in a broad range of automotive applications.
TS&C can be found on the internet at
http://abelektronik.com.
The TS&C Business operates in its own facilities or shared
facilities in nine locations worldwide: Austria, China, Germany,
India, Mexico, Romania, South Korea, the UK and the USA, comprising
R&D, manufacturing and sales office locations. In the financial
year ended December 31, 2016, the TS&C Business generated
£237.4 million (approximately $300 million) of revenue. At December
31, 2016, TS&C employed approximately 1,600 people, 180 of whom
were in product development, reflecting the division’s strong
R&D focus.
AVX Corporation is a leading worldwide manufacturer and supplier
of a broad line of passive electronic components and interconnect
products. AVX's components can be found in products manufactured in
a very broad range of industries worldwide. AVX is headquartered in
Fountain Inn, SC. AVX can be found on the Internet
at http://www.avx.com.
Forward-Looking
Statements
Certain statements of other than historical fact that are
contained in this document and in other written materials, press
releases and oral statements issued by or on behalf of AVX
Corporation, AVX Limited or TT Electronics may be considered to be
“forward-looking statements” within the meaning of and subject to
the protections of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are not guarantees of future
performance, nor should they be relied upon as representing
management’s views as of any subsequent date. These statements may
include words such as “expect,” “estimate,” “project,”
“anticipate,” “appear,” “believe,” “could,” “should,” “may,”
“likely,” “intend,” “probability,” “risk,” “target,” “objective,”
“plans,” “potential,” and similar expressions, although not all
forward-looking statements contain such language. Forward-looking
statements are statements with respect to AVX Corporation’s, AVX
Limited’s or TT Electronics’ beliefs, plans, expectations,
objectives, goals, anticipations, assumptions, estimates,
intentions and future performance and are subject to significant
known and unknown risks and uncertainties, which could cause actual
results to differ materially from the results discussed in the
forward-looking statements. For example, statements about the
proposed acquisition involving AVX Limited and TT Electronics,
including future financial and operating results, plans,
objectives, expectations and intentions, the expected timing of
completion of the acquisition and other statements are not
historical facts. Among the key factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are the following: (i) the ability to
obtain the requisite shareholder approvals; (ii) the risk that a
regulatory approval that may be required for the proposed
acquisition is not obtained or is obtained subject to conditions
that are not anticipated; (iii) the risk that a condition to the
completion of the acquisition may not be satisfied; (iv) the timing
to consummate the proposed acquisition; (v) the risk that the
businesses will not be integrated successfully; (vi) the risk that
the cost savings and any other synergies from the transaction may
not be fully realized or may take longer to realize than expected;
(vii) disruption from the transaction making it more difficult to
maintain relationships with customers, employees or vendors; and
(viii) the diversion of management time on acquisition-related
issues.
Additional information concerning AVX Corporation and its
business, including additional factors that could materially affect
its financial results, is included in AVX Corporation’s Annual
Report on Form 10-K for the year ended March 31, 2017, under
“Business” and Item 1A. “Risk Factors,” and in its other filings
with the Securities and Exchange Commission (the “SEC”). Except as
required by law, each of AVX Corporation, AVX Limited and TT
Electronics disclaims any obligation to update any factors or to
announce publicly the result of revisions to any of the
forward-looking statements included herein to reflect future events
or developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20170719005660/en/
AVX CorporationKurt Cummings,
864-967-9303investor.relations@avx.com
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