TT Electronics today announced the acquisition of Precision, Inc., an industry leading designer and manufacturer of precision electromagnetic product solutions for critical applications. Based in Minneapolis, US, Precision has around 160 employees that support customers in medical, industrial, and aerospace and defense markets.
Precision brings new design, simulation and manufacturing capabilities to TT in electromagnetics, one of our focus areas for growth. Precision's products are primarily sold into medical applications including pace makers, neurological implants and other in-body equipment as well as external diagnostic equipment such as dialysis machines and MRI scanners.
Precision also serves industrial and aerospace and defense customers in applications including satellite power supplies and aerospace guidance systems. Precision's capabilities include high-reliability, ultra-fine wire winding, particularly suited to components that require exceptionally high levels of precision. Precision will be integrated into the Power Electronics division.
TT will provide Precision with customer and market access in Europe and Asia, supported by a global Field Application Engineering team and distribution network. TT's operating footprint will provide significant manufacturing and supply chain capabilities in Asia to support customers in region.
Together with Precision, TT now has a global electromagnetic product solution offering with engineering capabilities in the US, UK and Asia supported by manufacturing capabilities in each region.
Commenting on the acquisition, Richard Tyson, CEO said: "The acquisition of Precision is an excellent fit with both our business and our strategy for growth and higher margins. It has a strong position in markets where the proliferation of electronics is increasingly important and will extend our capability for power electronic solutions in the important medical, industrial and aerospace and defense markets in the US.
I am delighted to welcome Precision's employees to TT as we continue to build differentiated capabilities and engineer smarter solutions together with our customers."