TTI, Inc. Acquires Compona AG of Switzerland
Jul. 09, 2018
FORT WORTH, Texas--(BUSINESS WIRE)--Jul 9, 2018--TTI, Inc. a wholly owned subsidiary of Berkshire Hathaway, today announced the acquisition of privately held Compona AG of Switzerland and the company’s German subsidiary Cosy Electronics GmbH. Both Compona and Cosy are specialty distributors of interconnect products and provide services such as in-house assembly of specific connector ranges and full support on custom cable harnesses. The Compona Group is well known for their technical expertise, consistent quality and on-time delivery. Compona CEO, Riet Morell, will continue to lead Compona AG reporting to Glyn Dennehy, TTI President, EMEA.
The combined revenue and market share of TTI and Compona will create the largest specialty distributorship of interconnect, passive and electromechanical products in Switzerland. Cosy GmbH will expand the TTI footprint in Germany while also enhancing value added capabilities and technical expertise. In the face of increasing international competition, Compona’s business will benefit from TTI’s broad and deep stocking strategy and global warehouse network.
Dennehy said of the acquisition, ““We are proud to be bringing Compona and Cosy’s experienced and talented team, plus their high quality and specialist supplier line card, into the TTI Family of Companies and welcome the opportunity to enhance their already preferred status with their customer base.”
Urs Horat, founder and former owner of Compona AG, describes the acquisition as a perfect match. “After succession could not be found within the family and company, solutions were sought externally. We wanted to find a new owner who respects the values of the founders, appreciates the employees and supports the business in the long term. With TTI, we have found an internationally highly successful company that wants to continue to maintain the Compona brand, help to secure the future and to further expand its business.” Horat continued. “No changes are expected for employees and customers. The management team under CEO Riet Morell also remains unchanged.”
Paul Andrews, TTI Founder and Chief Executive Officer, welcomed his new associates, “It is a special occurrence when one family-founded business is able to offer another the next chapter for their employees and customers – we welcome the fine employees and customers of Compona and Cosy to the TTI and Berkshire Hathaway family.”
View source version on businesswire.com:https://www.businesswire.com/news/home/20180709005458/en/
CONTACT: TTI, Inc.
Vice President, TTI Marketing Europe
KEYWORD: UNITED STATES EUROPE NORTH AMERICA GERMANY TEXAS SWITZERLAND
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS OTHER TECHNOLOGY PROFESSIONAL SERVICES FINANCE OTHER PROFESSIONAL SERVICES
SOURCE: TTI, Inc.
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PUB: 07/09/2018 08:41 AM/DISC: 07/09/2018 08:41 AM