12th Nov 2013 14:26
LONDON (Alliance News) - TT Electronics PLC warned that its full-year performance would meet the lower end of expectations due to delays in the transfer of product lines to its newly-formed Sensing and Control business from Germany.
In the four months ended October 31 the electronics components and sensor technologies company saw underlying sales 7.9% ahead of the previous year.
The company said that the Sensing and Control business was building sales momentum, and had won its first major contract with Korea OEM. TT Electronics is continuing to make selective acquisitions within its Sensing and Control business to accelerate growth in target markets and expand its range of technologies.
As part of its operational improvement plan, it is transferring its sensor and resistor production from California to Mexico, with the transfer to be mostly complete by the end of 2014. It is also closing its sales office in Japan.
Its connectors and harnessing factory in the US is being closed and transferred into its integrated manufacturing services business in both the US and UK.
Shares in TT Electronics were trading down 1.6% at 191.44 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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