BRUSSELS Berkshire Hathaway, Inc. (Omaha, Nebraska, United States) and TTI, Inc. (Fort Worth, Texas, United States) have announced that they have entered into a definitive agreement which will see the privately-held passives, connectors and electromechanical components distributor become part of the Berkshire Hathaway group of companies. The acquisition will also include TTI's subsidiary Mouser Electronics. The transaction is expected to complete by the end of Q1 2007 terms have not been disclosed.
TTI, Inc. will operate as a wholly owned subsidiary of Berkshire Hathaway, which is listed at number 13 in the Fortune 500 list with sales of over $80Bn. TTI's management will remain in place and will continue to run TTI's day to day activities. Paul Andrews will continue in his current capacity as Chairman and Chief Executive Officer. Operations will not be affected by the ownership change.
Paul Andrews, TTI's founder, Chairman, and Chief Executive Officer, comments, "Berkshire Hathaway is recognized as being one of the most admired companies in the world. They take a long term view of the business and will allow TTI to continue with our growth plans. They have an excellent reputation and fit very well with TTI's values. TTI has enjoyed a successful 35 years and I am confident in our future as being part of Berkshire Hathaway."
Warren Buffett, Berkshire Hathaway’s Chairman and Chief Executive Officer, stated, "Paul Andrews is a remarkable man who has built an outstanding business. We are pleased to have the opportunity to add TTI to the Berkshire Hathaway Group."
TTI and Mouser have enjoyed consistent growth for many years and are embarking on a development strategy that includes international expansion in all world regions, new product introduction, and the addition of key new franchises.
Berkshire Hathaway Inc.