TT Electronics has acquired Precision, a designer and manufacturer of precision electromagnetic product solutions for critical applications, for an initial consideration of $23.5million.

Based in Minneapolis, US, Precision has around 160 employees that support customers in medical, industrial, and aerospace and defence markets.

TT is hoping Precision will bring new design, simulation and manufacturing capabilities in electromagnetics – one of its focus areas for growth – and intends to integrate it into the Power Electronics division.

TT says it will provide Precision with customer and market access in Europe and Asia, supported by a global Field Application Engineering team and distribution network. TT adds that its operating footprint will provide “significant” manufacturing and supply chain capabilities in Asia to support customers in region.