Fort Worth, TX – August 19, 2014 – TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, today announced the acquisition of the assets of HuaTong Electronic Co., Ltd., an electronic components distributor headquartered in Dongguan Shilong. Founded in 1994, Huatong was the first batch authorized distributor of Molex connectors in Greater China and remains the largest domestic Molex distributor in Asia Pacific South.
Huatong employs approximately 60 associates at established locations in Dongguan Shilong, Hong Kong, Suzhou, Shenzhen and Beijing. The company is a specialty distribution partner to many Chinese, domestic cellular phone manufacturers − a market segment not previously served by TTI in China.
Gene Conahan, President TTI Europe and Asia, on the acquisition, “Bringing Huatong Electronics into the TTI family of companies establishes our presence in the fast growing Chinese cellular phone market segment and is further evidence of TTI’s commitment to growth in the region. With the good people of Huatong on our team I anticipate continued success in both areas.”
Man Deng, Huatong’s General Manager, responds, “We at Huatong know that TTI has the same spirit as our company; ‘Service-oriented, customer-oriented’ and the same management policy of ‘sincere service, people-oriented.’ We are happy to join TTI and offer our customers and employees the service and support of TTI.”
Deng will report directly to Anthony Chan, TTI Asia Senior Vice President and General Manager.
Paul Andrews, TTI Founder and Chief Executive Officer, comments, “When my team and I consider the expansion of the company, second only to ensuring a culture of superior customer service, is our commitment to being specialists in the products and services we offer. Huatong’s proven ability to deliver both of these to the benefit of their customers makes the joining of our companies a good fit. On behalf of the TTI and Berkshire Hathaway family − I extend a warm welcome to Huatong employees and their customers.”
TTI, Inc. a Berkshire Hathaway company, is an authorized, specialty distributor of interconnect, passive and electromechanical (IP&E) components and the distributor of choice for military, industrial and consumer electronics manufacturers worldwide. Broader and deeper inventory, leading-edge products and custom supply chain solutions have established TTI as the leading specialist in electronic component distribution. Globally, the company maintains 1.2 million square feet of ISO certified warehouse space containing over 850,000 component part numbers. Along with its subsidiaries, Mouser Electronics and Sager Electronics, TTI employs more than 4,300 employees worldwide with branches in over 100 locations throughout North America, Europe and Asia. For more information about TTI, visit www.ttiinc.com
Completion of the transaction is subject to regulatory approvals in Hong Kong.
For additional information contact:
Nick Kypreos, CFO TTI, Inc. 817.740.9000