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.”
TTI, Inc., a Berkshire Hathaway company, is an authorized, specialty distributor of interconnect, passive and electromechanical (IP&E) components and the distributor of choice for industrial and consumer electronics manufacturers worldwide. Broader and deeper inventory, leading-edge products and custom supply chain solutions have established TTI as the leading specialist in electronic component distribution. Globally, the company maintains two million cubic feet of dedicated warehouse space containing over 850,000 component part numbers. Along with its subsidiaries, Mouser Electronics, Sager Electronics, and the TTI Semiconductor Group, TTI employs nearly 6,000 employees and is represented in over 100 locations throughout North America, Europe and Asia. For more information about TTI, visit www.ttiinc.com
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. For more information about Berkshire Hathaway, visit www.BerkshireHathaway.com
About Compona AG
Compona was founded in 1980 by Pierluigi Fiore and Urs Horat and quickly established itself as the market leader for connectors in Switzerland. Since 2001, services in the field of cable assemblies have also been offered. They then acquired the assets of Kontakt Systeme AG and of German company Cosy Gmbh in 2007, thereby adding ITT Cannon circular connectors to the product portfolio. Further continuous development of internal structures, systems and marketing channels ensured that Compona always remained extremely customer-oriented and the Companies have been extremely successful in the market over the years. For more information about Compona Group, visit www.Compona.com