UK-based electronics group TT electronics Plc revealed its plan to acquire bolt-on firms for its combined industrial sensing and control units. The company said as much as GBP 100 million could be spent for such purchases. Chief Executive Officer Geraint Anderson told Reuters, "Our facilities give us comfort to move upto that sort of 100 million pound kind of a mark. We are not saying that it is an acquisition of that sort of a size, but interesting technology, bolt-on type of companies that would fit very well into our portfolio."
For the first half of the year, the company's sensing and control division posted a 4.6% increase of its revenue. The figures, which amounted to GBP 141.5 million, comprised more than half of the firm's revenue. In the last few years, TT electronics had been restructuring its business to improve performance. Aside from consolidating its sensing and control divisions, it also sold its secure power unit in November last year. The deal boosted company balance sheets by USD 46.5 million.
TT electronics supplies equipment to car manufacturers. It also caters to manufacturers in the aerospace, defence, medical and industrial markets.
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