Electronic component and manufacturing services provider TT Electronics acquired Precision Inc., a supplier of precision electromagnetic products, in a deal worth up to $27.5 million.
Precision, based in Minneapolis, has about 160 employees, TT Electronics said. The firm has customers in the medical, industrial and aerospace and defense markets.
Richard Tyson, CEO of TT Electronics, said through a statement that Precision is an excellent fit for the firm. "It has a strong position in markets where the proliferation of electronics is increasingly important and will extend our capability for power electronic solutions in the important medical, industrial and aerospace and defense markets in the U.S.," Tyson said.
The acquisition brings to TT Electronics new design, simulation and manufacturing capabilities to TT in electromagnetics.Precision’s products are primarily sold into medical applications including pacemakers, neurological implants and other in-body equipment as well as external diagnostic equipment such as dialysis machines and MRI scanners, the company said.