On Friday, TTI, Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, announced the acquisition of Lod-based Ray-Q Interconnect. Financial details of the deal were not disclosed.
Ray-Q was founded in 1969 as a Raychem subsidiary based in Israel with offices in Turkey and India. It provides high quality electrical interconnect solutions to military, aerospace and other high-reliability product industries. TTI is a specialty distributor of passive, interconnect, electromechanical and discrete semiconductor components.
TTI Europe and Asia president Gene Conahan said, “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.”
Ray-Q employs approximately 70 associates and counts among their customers virtually every major defense contractor.
Ray-Q CEO Yigal Funt said, “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.”
Funt will continue to lead the Ray-Q organization and business initiatives while reporting directly to Conahan.
Berkshire Hathaway's main holding in Israel is precision cutting tools company Iscar, which it bought in two stages, the second of which took place in May this year, for a total of $6 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2013
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