Fort Worth's TTI expands into Chinese cell phone market with acquisitionAugust 19, 2014
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Fort Worth-based TTI Inc., an indirect, wholly owned subsidiary of Berkshire Hathaway, has acquired the assets of HuaTong Electronic Co. Ltd., an electronic components distributor headquartered in Dongguan Shilong, the company said Aug. 19.
Terms of the transaction were not undisclosed.
Completion of the transaction is subject to regulatory approvals in Hong Kong.
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 60 associates at 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.
“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,” said Gene Conahan, president TTI Europe and Asia.
Man Deng, Huatong’s general manager, will report directly to Anthony Chan, TTI Asia senior vice president and general manager.
TTI Inc. 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. Globally, TTI Inc. maintains 1.2 million cubic feet of dedicated warehouse space containing more than 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 more than 100 locations throughout North America, Europe and Asia.