TTM Technologies completes $330M acquisition of Telephonics from Griffon

TTM TECHNOLOGIES INC

Acquired Telephonics (intelligence, surveillance, communications solutions) for $330M in cash from Griffon Corp.
Transaction expected to be immediately accretive to non-GAAP EPS; funded with cash on hand ($519.1M Q1 cash).
Identified ~$12M in pre-tax run-rate cost synergies, expected by end of 2024; additional revenue synergies anticipated.
Telephonics founded in 1933; broadens TTM's Aerospace & Defense product offering into higher-level engineered systems.
No material contribution from Telephonics in Q2 due to late quarter close; more details on Q2 earnings call.

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