Litton Expands Connector Business by Acquiring TEC Electrical Components Group Ltd.
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Oct. 14, 1999--
Litton Industries Named after inventor Charles Litton Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001. Inc. (NYSE NYSE
See: New York Stock Exchange :LIT) Thursday announced the completion of the purchase of all of the outstanding stock of TEC Electrical Components Group Ltd. of Middlesex, England.
With approximately 110 employees, TEC Electrical Components reported annual revenues of approximately $8.6 million in its fiscal year ended March 31, 1999.
Founded 43 years ago by THORN-EMI, TEC Electrical Components is a long-established manufacturer and supplier of electrical connectors to the military, aerospace and commercial industries. TEC's business lines also include illuminated il·lu·mi·nate
v. il·lu·mi·nat·ed, il·lu·mi·nat·ing, il·lu·mi·nates
1. To provide or brighten with light.
2. To decorate or hang with lights.
3. panels, components, Austinlite switches and materials.
TEC is a qualified manufacturer of the MIL-C-38999 series I, II and III military-qualified, multipin, cylindrical cyl·in·dri·cal
Of, relating to, or having the shape of a cylinder, especially of a circular cylinder. connectors. TEC's customer base includes the military of the United Kingdom, and the British aerospace/defense companies of British Aerospace British Aerospace (BAe) was a UK aircraft and defence systems manufacturer, now part of BAE Systems. History
The company was formed as a statutory corporation on April 29, 1977 as a result the Aircraft and Shipbuilding Industries Act. , GEC-Marconi and Racal.
TEC Electrical Components will be part of Litton's Electronic Components & Materials Group.
"The acquisition of TEC Electrical Components provides an excellent complement to Litton's current position as a leader in the manufacture of cylindrical connectors for military and commercial applications," said Michael R. Brown, Litton chairman, president and chief executive officer. "TEC's synergy with Litton's VEAM operations allows excellent upside potential Upside potential
The amount by which analysts or investors expect the price of a security may increase.
The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar and added business opportunities in a growth-oriented, high-tech customer base."
Litton's VEAM connector operations, located in Milan, Italy; Stuttgart, Germany; Glenrothes, Scotland; and Watertown, Conn., design and produce multipin, cylindrical connectors for military, public transport, robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , professional electronics, industrial equipment and nuclear power generation.
Litton is a leader in worldwide technology markets for advanced electronic, defense and information systems; and designs, builds and overhauls surface ships for military and commercial customers.