TT Electronics, a UK-based global provider of magnetic components and engineered electronics, has acquired the US company, Precision. The move includes its absorption of the magnetics division of Cummins Power which Precision acquired earlier in the year.
The Precision acquisition, announced in June, brings new design, simulation and manufacturing capabilities to TT in electromagnetics, one of the Woking-based companys focus areas for growth. A designer and manufacturer of precision electromagnetic products for critical applications, Precision, based in Minneapolis, has around 160 employees that support customers in medical, industrial, and aerospace and defense markets. It has U.S. facilities in Colorado and Washington, and international operations in Mexico and China.
Its products are primarily sold into medical applications including pace makers, neurological implants and other in-body equipment as well as external diagnostic equipment such as dialysis machines and MRI scanners. Precision also serves industrial and aerospace and defense customers in applications including satellite power supplies and aerospace guidance systems. Its capabilities include high-reliability, ultra-fine wire winding, particularly suited to components that require exceptionally high levels of precision. Plans call for Precision to be integrated into TTs Power Electronics division.
“The acquisition of Precision is an excellent fit with both our business and our strategy for growth and higher margins,” said TTs CEO Richard Tyson. “It has a strong position in markets where the proliferation of electronics is increasingly important and will extend our capability for power electronic solutions in the important medical, industrial and aerospace and defense markets in the US.”
TT will provide Precision with customer and market access in Europe and Asia, supported by a global field application engineering team and distribution network. Together with Precision, we now have a global electromagnetic product solution offering with engineering capabilities in the US, UK and Asia supported by manufacturing capabilities in each region, said Tyson.
The deal with Cummins occurred in March. Precision acquired the assets of the magnetics division of Cummins Power Generation including inventory, equipment, and product-related intellectual property. The agreement calls for Precision to continue to provide magnetic components, such as transformers, to Cummins and its former magnetics customers, as well as custom power supplies.