TT Electronics, a global provider of engineered electronics for performance critical applications, today announces it has agreed to acquire a US based business that designs and manufactures power electronics for defence and aerospace markets, enhancing TT's ability to engineer complete power converters.

TT has agreed to acquire Excelitas Technologies Corp.'s, Covina, California-based business that designs and manufactures power supplies for defence and aerospace markets from Excelitas, for $17.7 million.

The acquisition enhances TT's US presence in power electronics for aerospace and defence, providing access to growth programmes with sole-source positions. The acquisition will add a number of blue-chip US defence primes. TT is committed to investing in the business to further improve the business' growth prospects and engineering capability.

The acquisition is subject to approvals from the US authorities and is expected to complete in Q1 2020, at which point the business will be integrated into TT.

Richard Tyson, CEO, TT Electronics commented: "I am delighted to announce that we have agreed to acquire this business with its exciting power capabilities in a large and fast-growing market. This acquisition will help us move up the value chain and add the ability to engineer entire power convertors to our core power electronic capabilities in aerospace and defence. We look forward to welcoming the employees and customers to TT early next year."

Excelitas Technologies' aerospace and defence power supply business revenues for the last 12 months to June 2019 were $9.3 million, and adjusted EBITDA was $1.7 million.