A tech manufacturer with a plant in Northumberland is set to be taken over by a Swiss rival as part of a £287m cash and shares deal.
The board of TT Electronics, has agreed to a takeover by Cicor Technologies in a deal which will give shareholders 100p in cash and 0.0028 new Cicor shares for each TT share they hold.
The global provider of engineered electronics has a facility in Bedlington which is home to the design and manufacture of TT Electronics’ products used by customers in the aerospace market, including global aircraft engine manufacturers, such as hybrid circuits.
TT has bases in Asia, North America and nine sites around the Ƶ including its Woking headquarters. The Bedlington base, at Welwyn Electronics Park, was founded in 1937 and has around 414 employees.
Warren Tucker, chair of TT, said TT has undertaken a number of actions to stabilise and improve its financial and operational performance, particularly during 2025, and the business is currently growing strongly in Europe. Last accounts covering 2024 show it posted turnover of £521m, with strong performance at its European divisions – including contract wins at Bedlington - offsetting weaker performance in North America.
In a stock market announcement he said: “The TT directors consider that TT’s insufficient scale has affected its growth and profitability, and has constrained its ability to optimise its portfolio. In addition, the uncertain macroeconomic and geopolitical outlook represent elevated risks given TT’s scale. Furthermore, the TT Directors are cognisant of the challenges and low trading liquidity that companies of TT’s size face in the Ƶ public markets.
“Cicor has made a compelling offer which delivers accelerated value for shareholders and represents an attractive premium to recent trading levels and crystallises a substantial proportion of shareholder value in cash today.”
Alexander Hagemann, CEO of Cicor, said: "The combination of Cicor and TT is a decisive, transformative step that accelerates delivery of our long-term strategy, and positions the Enlarged Cicor Group as the largest pure play global EMS provider in the high mix low volume business, with a diversified footprint across our key geographies.
"This unique combination brings together two highly complementary businesses, creating a platform of scale and capability across the full value chain - from complex system-level integration to electromagnetic components. It enables us to serve customers as a true innovation partner in high-growth sectors such as A&D and healthcare technology, whilst maintaining a strategic focus on industrial automation.
"The acquisition is fully aligned with our strategy to deepen customer relevance, expand in priority markets, and scale technology-enabled solutions, and we see clear and compelling synergy potential, supported by a detailed integration plan and proven execution playbook, giving us high confidence in delivering meaningful, durable, value creation."
However, shareholder DBAY, which holds 16.5% of TT’s shareholding, published a separate announcement saying it won’t support the deal.
It said: “DBAY is happy with the progress the business is currently making, and is therefore not supportive of the Acquisition. Accordingly, DBAY does not intend to vote in favour of the scheme of arrangement at the court meeting, nor the resolutions to be proposed at TT Electronics’ general meeting, as further described in the Announcement. This announcement has been made without the prior agreement or approval of TT Electronics or Cicor.”
