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Warren Buffet buys Ray-Q
Posted By Viva Sarah Press On October 7, 2013 @ 4:56 am In | No Comments
US-based electronic components distributor TTI – an indirect, wholly owned subsidiary of American billionaire Warren Buffet’s Berkshire Hathaway — has announced the acquisition of Israeli electronics company, Ray-Q Interconnect.
“On behalf of our associates and customers, I can confidently say that we are most pleased to be joining such venerable organizations as TTI and Berkshire Hathaway. We look forward to their support in the globalization of our vision to be a prime supplier of electrical and FO interconnect products and solutions to high reliability system manufacturers. Becoming part of TTI will greatly enhance our added value activities in the support of the design and implementation of interconnect systems for our customers,” said Yigal Funt, Ray-Q Chief Executive Officer since 1976.
Founded in 1969 as a Raychem subsidiary based in Israel with offices in Turkey and India, Ray-Q provides high quality electrical interconnect solutions to military, aerospace and other high-reliability product industries. Since 2000 the company has been incorporated as a representative, consultant, and distributor of leading technologies and interconnect products of leading world class manufacturers for Israel, Turkey, Eastern and parts of Central Europe, and India.
“It’s not often a company has the opportunity to add such longevity and superior technical value to their service offering. I am very pleased to be bringing the wiring and harness assembly expertise of Ray-Q to the TTI teams in Europe and Asia – and to the benefit of our customers worldwide,” Gene Conahan, President TTI Europe and Asia, said in a statement.
Ray-Q counts among their customers virtually every major defense contractor.
“While Ray-Q’s long track record of success speaks for itself, I am particularly gratified by the company’s mission; To be a supplier of choice – always dealing ethically with our customers, our supplier partners and fellow employees. These are the values that have been core to TTI’s success for over 40 years and ensure that this is an excellent cultural fit for both of our companies,” said Paul Andrews, TTI Founder and Chief Executive Officer.
The acquisition still requires approval from Israeli regulatory authorities.
This is Berkshire Hathaway’s third acquisition of an Israeli company. Buffet’s holding company paid $6 billion to buy blades-maker Iscar. Its unit CTB International also acquired a controlling interest in AgroLogic, which develops technology for agriculture.
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