TTI Inc. an indirect, wholly owned subsidiary of Warren Buffett's Berkshire Hathaway holding company, has acquired Ray-Q Interconnect. Completion of the transaction is subject to regulatory approvals in Israel. The purchase price was not disclosed. TTI is a specialty distributor of passive, interconnect, electromechanical, and discrete semiconductor components.
Founded in 1969 as a Raychem subsidiary based in Lod, Israel, with offices in Turkey and India, Ray-Q provides electrical and fiber-optic wiring and harness solutions to military, aerospace, and other industries. Since 2000, the company has been a representative, consultant, and distributor of similar products for manufacturers from Israel, Turkey, Eastern and parts of Central Europe, and India.
Ray-Q employs approximately 70 associates and counts among their customers virtually every major defense contractor.
Yigal Funt, Ray-Q CEO since 1976, will continue to lead the Ray-Q organization and business initiatives while reporting to Gene Conahan, president TTI Europe and Asia.
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.
Source: TTI Inc.