TTG Tt Electronics Plc

TIDMTTG

RNS Number : 4477S

TT Electronics PLC

02 October 2017

2 October 2017

TT Electronics plc

('TT Electronics' or 'the Company')

Completion of the disposal of the Transportation Sensing and Control division

TT Electronics, a global provider of engineered electronics for performance critical applications, is pleased to announce that completion of the disposal of its Transportation Sensing and Control division to AVX Corporation, acting through its subsidiary AVX Limited (the 'Disposal'), took place earlier today. The total cash consideration received was GBP123.5 million, including net debt and working capital adjustments on completion.

The Disposal was originally announced on 19 July 2017 and further details were set out in a circular sent to the Company's shareholders on 24 July 2017. The Disposal was approved by the Company's shareholders at a general meeting on 10 August 2017.

Richard Tyson, Chief Executive Officer commented:

"The divestment of the Transportation Division to AVX is an important step for TT. I'd like to take this opportunity to thank Amrei and the entire Transportation team and I wish them well in their new home with AVX. Having realised good value for shareholders, we now have increased financial capacity to continue to invest in the future growth of our business."

 
 For further information 
  please contact: 
 TT Electronics plc             Tel: +44 (0)1932 825 300 
 Richard Tyson, Chief Executive Officer 
  Mark Hoad, Chief Financial Officer 
  Emma Darke, Head of Investor Relations and Communications 
 
 MHP                            Tel: +44 (0)20 3128 8100 
 Tim Rowntree / Katie Hunt / Ivana Petkova 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 02, 2017 09:46 ET (13:46 GMT)

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