|[October 02, 2017]
AVX Completes Acquisition of the Transportation, Sensing and Control ("TS&C") Division of TT Electronics
AVX (News - Alert) Corporation (NYSE: AVX) today announced that it has completed the
acquisition of the previously announced acquisition of the
Transportation, Sensing and Control ("TS&C") division of TT Electronics,
PLC, a United Kingdom (U.K.) Company, for approximately £118.8 million
(approximately $156 million) in cash, subject to customary post-closing
adjustments based on the actual net debt and actual working capital of
the target companies.
The purchase comprises TS&C's manufacturing subsidiaries located in
Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and
the USA, including R&D, manufacturing and sales office locations. In the
financial year ended December 31, 2016, the TS&C Business generated
£237.4 million (approximately $300 million) of revenue.
John Sarvis, AVX's Chief Executive Officer and President, said, "The
purchase of the TS&C division from TT Electronics enhances our position
in the automotive business and provides further opportunities for
expansion. We have been carefully planning for the integration of the
TS&C business with AVX and are confident that the combination presents a
great opportunity for further growth."
AVX Corporation is a leading worldwide manufacturer and supplier of a
broad line of passive electronic components and interconnect products.
AVX's components can be found in products manufactured in a very broad
range of industries worldwide. AVX is headquartered in Fountain Inn, SC.
AVX can be found on the Internet at http://www.avx.com.
Certain statements of other than historical fact that are contained in
this document and in other written materials, press releases and oral
statements issued by or on behalf of AVX Corporation, AVX Limited or TT
Electronics may be considered to be "forward-looking statements" within
the meaning of and subject to the protections of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are not
guarantees of future performance, nor should they be relied upon as
representing management's views as of any subsequent date. These
statements may include words such as "expect," "estimate," "project,"
"anticipate," "appear," "believe," "could," "should," "may," "likely,"
"intend," "probability," "risk," "target," "objective," "plans,"
"potential," and similar expressions, although not all forward-looking
statements contain such language. Forward-looking statements are
statements with respect to AVX Corporation's, AVX Limited's or TT
Electronics' beliefs, plans, expectations, objectives, goals,
anticipations, assumptions, estimates, intentions and future performance
and are subject to significant known and unknown risks and
uncertainties, which could cause actual results to differ materially
from the results discussed in the forward-looking statements. For
example, statements about the acquisition involving AVX Limited and TT
Electronics, including future financial and operating results, plans,
objectives, expectations and intentions, the expected timing of
integration of the target companies and other statements are not
historical facts. Among the key factors that could cause actual results
to differ materially from those indicated by such forward-looking
statements are the following: (i) the ability to retain key personnel,
(ii) the risk that the businesses will not be integrated successfully;
(iii) the risk that the cost savings and any other synergies from the
transaction may not be fully realized or may take longer to realize than
expected; (iv) disruption from the transaction making it more difficult
to maintain relationships with customers, employees or vendors; and (v)
the diversion of management time on acquisition-related issues.
Additional information concerning AVX Corporation and its business,
including additional factors that could materially affect its financial
results, is included in AVX Corporation's Annual Report on Form 10-K for
the year ended March 31, 2017 under "Business" and Item 1A. "Risk
Factors," and in its other filings with the Securities and Exchange
Commission (the "SEC (News - Alert)"). Except as required by law, each of AVX
Corporation, AVX Limited and TT Electronics disclaims any obligation to
update any factors or to announce publicly the result of revisions to
any of the forward-looking statements included herein to reflect future
events or developments.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171002005899/en/
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