Electronics engineer TT Electronics has acquired Minneapolis-based precision electromagnetic products designer and manufacturer Precision for an initial $23.5m.
Precision has customers in the medical, industrial and aerospace and defence markets and is served by around 160 employees in the US and China.

TT's acquisition, with an additional $4m to become payable subject to business performance, brings new design, simulation and manufacturing capabilities to the firm in electromagnetics, one of its focus areas for growth.

Richard Tyson, TT's chief executive, said: "The acquisition of Precision is the second acquisition since we transformed the group with the sale of the Transportation division in 2017."

"The acquisition of Precision is an excellent fit with both our business and our strategy for growth and higher margins. 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 defence markets in the US," he added.

At 1420 BST, TT shares had dipped 0.40% to 249p.

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