Berkshire Hathaway Unit Buys Israeli Company Ray-Q Interconnect
Founded in 1969 as a Raychem subsidiary, Ray-Q is based in Israel, with offices in Turkey and India, has about 70 employees and supplies nearly all of the world’s major defense contractors.
Ray-Q provides electrical interconnect solutions to military, aerospace and other high-reliability product industries, while 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 CEO Yigal Funt, who will stay on after the acquisition, 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.”
Warren Buffet’s Berkshire Hathaway holding company invested $6 billion in Israeli precision cutting tools company Iscar, which it bought in two stages, the second of which took place in May this year, Globes said.