Industry News
December 29, 2009
Technitrol Agrees to Divest North American Electrical Contacts Operations
Technitrol, Inc. announced that the company has entered into a definitive agreement with Metalor Technologies International SA to sell the North American operations of AMI Doduco, its electrical contact products business. Terms of the transaction were not disclosed. The North American business comprises operations in Export, Pennsylvania, Luquillo, Puerto Rico and Mexico City. North American rivet production operations in Mexico will remain with Technitrol and be sold with the AMI Doduco operations in Europe and Asia.
Technitrol will apply the net sale proceeds to reduce outstanding debt under its revolving credit facility. The transaction is expected to close in early January of 2010.
The transaction is part of Technitrol’s overall plan to exit electrical contact products, now classified as discontinued for purposes of financial reporting, and transition to a single-segment company focusing solely on its core business – the design, manufacture and marketing of electronic components. The divestiture of AMI Doduco’s operations in Europe and Asia, which will generate the majority of proceeds from the sale of the Electrical Contact Products Group, is progressing.
Based in Philadelphia, Technitrol is a worldwide producer of electronic components, electrical contacts and assemblies and other precision-engineered parts and materials for manufacturers in the wireless and wireline communications, military/aerospace, automotive and electrical equipment industries.
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Primitive batteries capable of producing ½ volt of electricity were made in Mesopotamia between around 200 B.C. and 200 A.D. They were used mainly for electroplating silver onto copper.