TTI has acquired the assets of HuaTong Electronic Co, a specialty distributor that sells mostly Molex products to domestic Chinese mobile phone manufacturers. Financial terms of the deal were not disclosed.
HuaTong was founded in 1994 and was the first batch authorized distributor of Molex connectors in Greater China and is the largest domestic Molex distributor in Asia Pacific South, according to TTI. Ninety-nine percent of the products it sells are Molex parts, TTI said.
HuaTong has 60 employees and has facilities in Dongguan Shilong, Hong Kong, Suzhou, Shenzhen and Beijing.
The company is a specialty distribution partner to many Chinese domestic cellular phone manufacturers, a market segment not previously served by TTI in China.
Gene Conahan, president of TTI Europe and Asia, said acquiring HuaTong Electronics establishes TTI’s presence in the Chinese cellular phone market segment and shows “TTI’s commitment to growth in the region.”
Man Deng, HuaTong’s general manager, said that TTI has is a service oriented and customer oriented company similar to HuaTong.
“We are happy to join TTI and offer our customers and employees the service and support of TTI,” he said.
Deng will report directly to Anthony Chan, TTI Asia senior vice president and general manager.
Paul Andrews, TTI Founder and CEO, said HuaTong is a specialist in the products in carries and provides superior customer service making the company “a good fit” for TTI.
Terms of the acquisition were not released. Completion of the transaction is subject to regulatory approvals in Hong Kong.
TTI is based in Fort Worth, Texas, and is a subsidiary of Berkshire Hathaway. It carries interconnect, passive and electromechanical (IP&E) components.
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