FORT WORTH, TEXAS – March 4, 2010 – TTI, Inc. announced today the company has acquired Net-Aye Technologies Ltd., a leading specialized interconnect and LED distributor located in Kfar-Saba Israel.
Net-Aye is a subsidiary of Bar-Tec Ltd. founded in 1998. Paul Andrews, TTI President and CEO, said, “Israel has been an important market for TTI for many years due to its significant growth in high-tech and the electronics industry. Net-Aye is a perfect fit given their strong relationships with many of these customers.”
Mr. Avi Inbar, Owner and General Manager of Bar-Tec and Mr. Schlomi Schultz, CEO of Tel-Ad Electronics and stockholder of Net-Aye, stated, “We have been impressed with the accomplishments of TTI in both North America and Europe and their specialized business model. They have an impeccable reputation and are admired by customers and suppliers alike. TTI will be a great partner for Bar-Tec and our Net-Aye subsidiary. I am confident that with TTI’s resources and Net-Aye’s design-in capabilities and experience the future will prove to be very successful.”
The management team will remain in place with Mr. Amir Schor as general manager and will report to Mr. Andrews during the 2010 transition.
This marks the fourth acquisition that TTI has made after its own acquisition by Berkshire Hathaway in March 2007. Paul Andrews commented, “With the notable exception of our acquisition of Mouser in 2000, TTI has expanded through organic growth globally.” Today TTI has over 30 branches throughout Europe and Asia in addition to its 25 branches in North America.
TTI was represented by Kelly Hart & Hallman in Fort Worth, Texas and Eitan-Mehulal Law Group in Herzlia, Israel. Net-Aye was represented by Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. in Tel-Aviv, Israel.
About TTI, Inc.
TTI, Inc., a Berkshire Hathaway company, is a specialty distributor of passive, interconnect, electromechanical and discrete components. TTI is the distributor of choice for electronic manufacturers worldwide. TTI’s extensive product line includes: resistors, capacitors, connectors, potentiometers, trimmers, magnetic circuit protection, filters, relays, switches, sensors and discrete semiconductor devices. TTI is recognized as the industry’s leader in service and quality and provides a broad array of supply chain services to its customer base. Headquartered in Fort Worth, Texas, TTI employs 2,000 with more than 50 locations throughout North America, Europe and Asia. For more information about TTI visit www.ttiinc.com. For more information about Berkshire Hathaway visit www.berkshirehathaway.com.