Berkshire Hathaway to Acquire TTI, Inc.
FORT WORTH, Texas & OMAHA, Neb.--(BUSINESS WIRE)--TTI, Inc. and Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) announced today that they have entered into a definitive agreement pursuant to which Berkshire Hathaway will acquire TTI, Inc., a privately held electronic component distributor headquartered in Fort Worth, Texas. The acquisition will also include TTI’s subsidiary Mouser Electronics. The terms of the transaction were not disclosed.
TTI, Inc. will operate as a wholly owned subsidiary of Berkshire Hathaway. TTI’s management will remain in place and will continue to run TTI’s day to day activities. Paul Andrews will continue in his current capacity as Chairman and Chief Executive Officer. Operations will not be affected by the ownership change. The acquisition is subject to customary closing conditions along with the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close during the first quarter of 2007.
Warren Buffett, Berkshire Hathaway’s Chairman and Chief Executive Officer, stated, “Paul Andrews is a remarkable man who has built an outstanding business. We are pleased to have the opportunity to add TTI to the Berkshire Hathaway Group.”
Paul Andrews, TTI’s founder, Chairman, and Chief Executive Officer, said “It is a real honor for TTI and Mouser to become part of the Berkshire Hathaway Group. Berkshire is recognized as being one of the most admired companies in the world. They take a long term view of the business and will allow TTI to continue with our growth plans. They have an excellent reputation and fit very well with TTI’s values. TTI has enjoyed a successful 35 years and I am confident in our future as being part of Berkshire Hathaway.”
TTI and Mouser have enjoyed consistent growth for many years and are embarking on a growth strategy that includes international expansion and new product expansion, along with the addition of several key franchise additions. Today, TTI operates in over 19 countries with over 50 branch locations. In addition, Mouser has recently completed a major facility expansion which has more than doubled its capacity.
About Berkshire Hathaway:
Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. For more information about Berkshire Hathaway visit www.Berkshirehathaway.com.
About TTI, Inc.
Headquartered in Fort Worth, Texas, TTI, Inc. is the largest distributor specialist of passive, interconnect electromechanical components. TTI is the distributor of choice for industrial and consumer electronic manufacturers worldwide. TTI’s extensive product line includes: resistors, capacitors, connectors, potentiometers, trimmers, magnetic and circuit protection components, wire and cable, identification products, application tools and electromechanical devices. TTI is recognized as the industry’s leader in service and quality and provides a broad array of supply chain services to their customer base. TTI employs 1,700+ with more than 50 locations throughout North America, Europe and Asia. For more information about TTI visit www.ttiinc.com.
Mouser Electronics, Inc. is an electronic component distributor, focused on the rapid introduction of new products and technologies to electronic design engineers. Mouser.com features over 730,000 products online from more than 300 manufacturers. Mouser’s 1,800+ page catalog is published every 90 days, providing designers with up-to-date data on the components now available for the next generation of electronic devices. Mouser ships globally to over 280,000 customers in 170 countries from its 432,000 sq. ft. state-of-the-art facility in Mansfield, Texas. For more information, visit www.mouser.com.