Response to Volex no intention to bid statement
Volex rules out bidding for TT Electronics; company reaffirms 12% operating margin target by 2026.
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TT Electronics plc ("TT Electronics" or the "Company") notes the announcement made by Volex plc ("Volex") earlier today that it does not intend to make an offer for TT Electronics. As a result of the announcement, Volex is bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers.
The Board continues to have confidence in the Company's medium-term financial framework, including a 12% operating margin by 2026, which assumes a reasonable recovery in the components market and is underpinned by the good momentum in our European and Asian businesses, alongside the impact of Project Dynamo. The outlook for the Company for the year ending 31 December 2024 is unchanged.
TT Electronics' results for the year ending 31st December 2024 will be announced in March 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.