CHINA: TTI Inc. an indirect, wholly owned subsidiary of Berkshire Hathaway, announced the acquisition of the assets of HuaTong Electronic Co. Ltd, an electronic components distributor headquartered in Dongguan Shilong. Founded in 1994, Huatong was the first batch authorized distributor of Molex connectors in Greater China and remains the largest domestic Molex distributor in Asia Pacific South.
Huatong employs approximately 60 associates at established locations in Dongguan Shilong, Hong Kong, Suzhou, Shenzhen and Beijing. The company is a specialty distribution partner to many Chinese, domestic cellular phone manufacturers − a market segment not previously served by TTI in China.
Gene Conahan, president TTI Europe and Asia, said: “Bringing Huatong Electronics into the TTI family of companies establishes our presence in the fast growing Chinese cellular phone market segment and is further evidence of TTI’s commitment to growth in the region. With the good people of Huatong on our team I anticipate continued success in both areas.”
Man Deng, Huatong’s GM, added: “We at Huatong know that TTI has the same spirit as our company; ‘Service-oriented, customer-oriented’ and the same management policy of ‘sincere service, people-oriented.’ We are happy to join TTI and offer our customers and employees the service and support of TTI.”