Global electronics manufacturing company TT electronics plc announces its acquisition of US optoelectronic manufacturer Optek Technology, Inc., from privately held Dyson-Kissner-Moran Corporation (DKM).

With headquarters in Carrollton, Texas and a manufacturing facility in Juarez, Mexico, Optek Technologies had sales of $68.6 million (£40.4 million) in the year ended 31 January 2003. The company employs approximately 1000 people in its Texas and Mexico plants.

This acquisition represents a significant expansion of TT electronics’ sensor activities in the USA, strengthening the group’s position within its current capabilities and introducing new related technologies with the addition of optoelectronic and fibre optic sensors. Approximately 40 per cent of Optek’s sales are Hall Effect sensors for the automotive market, complimenting TT electronics’ already strong position in Europe. Demand for these sensors is growing as the electronics content of vehicles continues to increase.

Other key products within the Optek range are infrared light emitting diodes (transmitters) and photologic detectors (receivers), optoelectronic assemblies and fibre optic sensors which are used in a broad range of markets including factory automation, medical, aerospace, data communications and office equipment markets.

The acquisition adds to TT electronics’ extensive offering of automotive sensors, hybrid assemblies and passive components from TT electronics divisions such as:
• TT/IRC (resistors, sensors, automotive assemblies)
• TT/AB (automotive sensors, switches, electronic assemblies)
• TT/BI (sensors, resistors, magnetics)
• TT/Welwyn (resistors and hybrid assemblies)
• TT/MMG (magnetic materials and ferrites)

Speaking of the acquisition Neil Rodgers, Divisional Chief Executive of TT electronics says:

“The Optek acquisition represents significant business synergy for TT electronics, increasing our sensor product portfolio to the company’s worldwide customer base. Both TT electronics and Optek have substantial sensor sales into the automotive market, so this will strengthen opportunities with mutual automotive customers. TT electronics can also leverage Optek’s strong position in industrial markets to increase sales of passive components.”

Optek Technology CEO and President C.J. Gallagher says:

“Becoming part of TT electronics gives Optek a true global sales capability for optoelectronics technologies. By joining forces, Optek will have access to TT electronics’ extensive European and Far East sales network, including a global distribution network. All of this represents a significant expansion of Optek’s market reach.”

Customers of both TT electronics and Optek will enjoy an increased product offering as well as further consolidation of the companies’ supplier base. In addition, Optek’s Juarez facility provides an additional low cost manufacturing base in North America for TT electronics, while TT’s Malaysia operation could provide Optek with a Far East manufacturing plant for discrete optoelectronic sensors and switches.

For further information please contact :-

John Newman, Executive Chairman, TT electronics plc +44 (0) 1932 856 647

Roland Cross/Sara Champness Broadgate +44 (0) 20 7726 6111