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Completion of disposal

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By LSE RNS

RNS Number : 4477S
TT Electronics PLC
02 October 2017
 

 

2 October 2017

 

TT Electronics plc

('TT Electronics' or 'the Company')

 

Completion of the disposal of the Transportation Sensing and Control division

 

 

TT Electronics, a global provider of engineered electronics for performance critical applications, is pleased to announce that completion of the disposal of its Transportation Sensing and Control division to AVX Corporation, acting through its subsidiary AVX Limited (the 'Disposal'), took place earlier today. The total cash consideration received was £123.5 million, including net debt and working capital adjustments on completion.

 

The Disposal was originally announced on 19 July 2017 and further details were set out in a circular sent to the Company's shareholders on 24 July 2017. The Disposal was approved by the Company's shareholders at a general meeting on 10 August 2017.

 

Richard Tyson, Chief Executive Officer commented:

 

"The divestment of the Transportation Division to AVX is an important step for TT.  I'd like to take this opportunity to thank Amrei and the entire Transportation team and I wish them well in their new home with AVX. Having realised good value for shareholders, we now have increased financial capacity to continue to invest in the future growth of our business."

 

 

For further information please contact:


TT Electronics plc            

Tel: +44 (0)1932 825 300

Richard Tyson, Chief Executive Officer

Mark Hoad, Chief Financial Officer

Emma Darke, Head of Investor Relations and Communications



MHP

Tel: +44 (0)20 3128 8100

Tim Rowntree / Katie Hunt / Ivana Petkova

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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