Ray-Q provides electrical interconnect solutions to military, aerospace and other industries. Financial details of the deal were not disclosed.
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Berkshire Hathaway / Bloomberg
On Friday, TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, announced the acquisition of Israeli-based Ray-Q Interconnect. Financial details of the deal were not disclosed. Completion of the transaction is subject to regulatory approvals in Israel.
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.
Berkshire Hathaway’s main holding in Israel is precision cutting tools company Iscar, which it bought in two stages, the second of which took place in May this year, for a total of $6 billion.
TTI, Inc., is a specialty distributor of passive, interconnect, electromechanical and discrete semiconductor components. TTI is the distributor of choice for industrial and consumer electronics manufacturers worldwide. The extensive product line includes: resistors, capacitors, connectors, potentiometers, trimmers, magnetics, circuit protection, filters, electromechanical and discrete semiconductor devices.
TTI along with its subsidiary Mouser Electronics, employs 3, 800 with 100 locations throughout North America, Europe and Asia. TTI’s previous acquisitions include Mouser Electronics, Sager Electronics, Mateleco, France, Net-Aye, Israel, Campbell Collins, U.K., and NPCS Autotronics, China.
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.