Litton Expands Connector Business by Acquiring TEC Electrical Components Group Ltd.
Litton Industries Inc. (NYSE: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 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 connectors. TEC's customer base includes the military of the United Kingdom, and the British aerospace/defense companies of British Aerospace, 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 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, 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.
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|Date:||Oct 14, 1999|
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