Distributor TTI, Inc. a wholly owned subsidiary of Berkshire Hathaway, announced it will acquire Astrex Electronics, a specialty military/aerospace connector distributor.
Mike Morton, president TTI Americas, said Astrex has been focused on the military/aerospace connector marketplace for 50 years and the acquisition will “prove to be an exception benefit to TTI customers.”
Mike McGuire, Astrex president, said that TTI is committed to customer service and technical expertise and joining the company will allow Astrex to provide an “even higher level of service. We look forward to being a part of the culture and values TTI is known for,” he said.
Astrex will operate independently of the TTI organization until such time as systems integration is complete. McGuire will report directly to Morton beginning immediately and subsequent to the integration.
The acquisition will close June 30. Terms were not disclosed.
TTI, based in Fort Worth, Texas, is a specialty distributor of passive, interconnect, electromechanical devices, and discrete components serving industrial and consumer electronics manufacturers worldwide. Its products include resistors, capacitors, connectors, potentiometers, trimmers, magnetics, circuit protection, filters, electromechanical devices and discrete semiconductors. Its subsidiaries include Mouser Electronics and Sager Electronics.
Astrex, based in Plainview, N.Y., carries a variety of specialty products including rectangular, circular, rackand panel, printed circuit board, d-subminiature RF and fiber optic connectors, among others.
Paul Andrews, TTI founder and CEO, said Astrex's long history of focus and commitment to their core competency is “aligned with ours at TTI; to be the best, not the biggest specialty distributor of electronic components in the industry. I'm happy to welcome the Astrex associates and their customers to the TTI and Berkshire Hathaway family.”