TTI Announces Acquisition By Berkshire Hathaway
FORT WORTH, Texas and OMAHA, Neb., Dec. 22 /PRNewswire/ -- TTI, Inc. and
Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) announced today that they have
entered into a definitive agreement pursuant to which Berkshire Hathaway will
acquire TTI, Inc., a privately held electronic component distributor
headquartered in Fort Worth, Texas. The acquisition will also include TTI's
subsidiary Mouser Electronics. The terms of the transaction were not
disclosed.
TTI, Inc. will operate as a wholly owned subsidiary of Berkshire Hathaway.
TTI's management will remain in place and will continue to run TTI's day to
day activities. Paul Andrews will continue in his current capacity as
Chairman and Chief Executive Officer. Operations will not be affected by the
ownership change. The acquisition is subject to customary closing conditions
along with the applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act. The transaction is expected to close during the first
quarter of 2007.
Warren Buffett, Berkshire Hathaway's Chairman and Chief Executive Officer,
stated, 'Paul Andrews is a remarkable man who has built an outstanding
business. We are pleased to have the opportunity to add TTI to the Berkshire
Hathaway Group.'
Paul Andrews, TTI's founder, Chairman, and Chief Executive Officer, said,
'It is a real honor for TTI and Mouser to become part of the Berkshire
Hathaway Group. Berkshire is recognized as being one of the most admired
companies in the world. They take a long term view of the business and will
allow TTI to continue with our growth plans. They have an excellent
reputation and fit very well with TTI's values. TTI has enjoyed a successful
35 years and I am confident in our future as being part of Berkshire
Hathaway.'
TTI and Mouser have enjoyed consistent growth for many years and are
embarking on a growth strategy that includes international expansion and new
product expansion, along with the addition of several key franchise additions.
Today, TTI operates in over 19 countries with over 50 branch locations. In
addition, Mouser has recently completed a major facility expansion which has
more than doubled its capacity.
About Berkshire Hathaway:
Berkshire Hathaway and its subsidiaries engage in a number of diverse
business activities including property and casualty insurance and reinsurance,
utilities and energy, finance, manufacturing, retailing and services. Common
stock of the company is listed on the New York Stock Exchange, trading symbols
BRK.A and BRK.B. For more information about Berkshire Hathaway visit
http://www.Berkshirehathaway.com .
About TTI, Inc.
Headquartered in Fort Worth, Texas, TTI, Inc. is the largest distributor
specialist of passive, interconnect and electromechanical components. TTI is
the distributor of choice for industrial and consumer electronic manufacturers
worldwide. TTI's extensive product line includes: resistors, capacitors,
connectors, potentiometers, trimmers, magnetic and circuit protection
components, wire and cable, identification products, application tools and
electromechanical devices. TTI is recognized as the industry's leader in
service and quality and provides a broad array of supply chain services to
their customer base. TTI employs 1,700+ with more than 50 locations
throughout North America, Europe and Asia. For more information about TTI
visit http://www.ttiinc.com .
About Mouser
Mouser Electronics, Inc. is an electronic component distributor, focused
on the rapid introduction of new products and technologies to electronic
design engineers. Mouser.com features over 730,000 products online from more
than 300 manufacturers. Mouser's 1,800+ page catalog is published every 90
days, providing designers with up-to-date data on the components now available
for the next generation of electronic devices. Mouser ships globally to over
280,000 customers in 170 countries from its 432,000 sq. ft. state-of-the-art
facility in Mansfield, Texas. For more information, visit
http://www.mouser.com .
SOURCE TTI, Inc.
