Fort Worth, TX – Oct 4, 2013 – TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, today announced the acquisition of Ray-Q Interconnect. Founded in 1969 as a Raychem subsidiary based in Israel with offices in Turkey and India, Ray-Q provides high quality electrical interconnect solutions to military, aerospace and other high-reliability product industries. Since 2000 the company has been incorporated as a representative, consultant, and distributor of leading technologies and interconnect products of leading world class manufacturers for Israel, Turkey, Eastern and parts of Central Europe, and India.
Gene Conahan, President TTI Europe and Asia, on the acquisition, “It’s not often a company has the opportunity to add such longevity and superior technical value to their service offering. I am very pleased to be bringing the wiring and harness assembly expertise of Ray-Q to the TTI teams in Europe and Asia – and to the benefit of our customers worldwide.”
Ray-Q employs approximately 70 associates and counts among their customers virtually every major defense contractor.
Yigal Funt, Ray-Q Chief Executive Officer since 1976, states, “On behalf of our associates and customers, I can confidently say that we are most pleased to be joining such venerable organizations as TTI and Berkshire Hathaway. We look forward to their support in the globalization of our vision to be a prime supplier of electrical and FO interconnect products and solutions to high reliability system manufacturers. Becoming part of TTI will greatly enhance our added value activities in the support of the design and implementation of interconnect systems for our customers.”
Mr. Funt will continue to lead the Ray-Q organization and business initiatives while reporting directly to Mr. Conahan.
Paul Andrews, TTI Founder and Chief Executive Officer, comments, “While Ray-Q’s long track record of success speaks for itself, I am particularly gratified by the company’s mission; To be a supplier of choice – always dealing ethically with our customers, our supplier partners and fellow employees. These are the values that have been core to TTI’s success for over 40 years and ensure that this is an excellent cultural fit for both of our companies. My team and I welcome Ray-Q’s associates and customers to the TTI and Berkshire Hathaway family.
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 industrial and consumer electronic 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 cubic feet of dedicated 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 and is represented in over 100 locations throughout North America, Europe and Asia. For more information about TTI, visit www.ttiinc.com
About Ray-Q Ltd
For over 40 years, Ray-Q has been a leader in designing, assembling and distributing advanced electrical interconnect solutions to aerospace, military, marine, medical and other industries demanding the highest standards. The company offers a wide range of products for the world of Electrical and Fiber Optics interconnects.
Over the past four decades, Ray-Q has developed partnerships with some of the industry's most demanding customers, including local and global leading military and aerospace companies.
Ray-Q addresses the needs of its customer through distinct technical and logistics services, and the supply of highest quality products manufactured by leading world class manufacturers.
Leveraging the years of experience in demanding markets have afforded the operations in the emerging markets of Eastern Europe and India. The company is led by its vision of being committed to be a provider of choice to its customers, a choice channel to market for its suppliers and a fair and choice employer. For more information about Ray-Q, visit www.Ray-Q.com.
Completion of the transaction is subject to regulatory approvals in Israel
For additional information contact:
Nick Kypreos, CFO TTI, Inc. 817.740.9000
Yigal Funt, CEO Ray-Q Ltd. +972-3-9753333