TTM Technologies (Nasdaq: TTMI) has finalized its $330 million cash acquisition of Telephonics from Griffon (NYSE: GFF) and expects the transaction to build up its position in radar systems and expand its growth opportunities and strategic capabilities in the aerospace and defense market.
Santa Ana, California-based printed circuit board maker TTM first announced the deal in April and said Monday it expects the transaction to be immediately accretive to non-GAAP earnings per share and realize approximately $12 million in pre-tax cost synergies by the end of 2024.
Established in 1933, Telephonics provides intelligence, surveillance and communications systems that are fielded across a range of ground, aerial and maritime platforms.
TTM said the acquisition will also enable the company to add critical engineering talent and expand into surveillance and communication markets.
