By combining the innovation, creativity, and technology of these two leading-edge companies, TT electronics and Semelab will be well placed to offer new and exciting solutions to customers in the automotive, defence, aerospace, telecommunications, computing and industrial electronics markets.
The Semelab group consisted of three principal operating companies:
* Semelab - Discrete semiconductor design, packaging, testing and supply in four market segments (Aerospace, Power, RF & Opto).
* Semefab - Wafer Fab, ASIC design and marketing.
* Magnatec - Specialist distribution of power and audio semiconductors.
TT electronics has acquired Semelab and Magnatec under the new collective name of Semelab Limited.
Semefab has not been acquired as part of this process and will continue to trade separately as Semefab (Scotland) Limited. Semefab will continue to supply product to Semelab pursuant to a long term supply agreement.
Commenting on the acquisition, Geraint Anderson, Chief Executive of TT electronics, said:
"We are delighted with this acquisition which represents an attractive addition to complement our existing component operations. The acquisition significantly strengthens our position in the key military and aerospace markets with major customers in the UK and Europe.
We are acquiring a profitable business which will benefit from the group's global sales network and our technical capabilities. We expect this to enhance profitable revenue growth for Semelab within TT electronics."
Andrew Deacon, Managing Director of Semelab commented:
"I am delighted that the sale is now complete. Semelab enjoys a number of leading market positions and working closely with TT electronics, the management team have developed a clear strategy for increased growth. TT electronics appetite for the deal was clear from the start and I was particularly impressed that the team pulled out all the stops towards the end of this complex transaction."
Tim Thornton, Financial Director of Semelab said:
"Thanks to everyone involved at TT electronics and Semelab, the deal was completed quickly and tailored to suit both companies' needs. We would like to take this opportunity to thank all of our staff for their support during this important time. We are very pleased with the result and will continue to provide a quality service. We look forward to the successful future of TT electronics and Semelab Limited."
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