Electronic components distributor TTI Inc. is poised to grow its footprint in all regions of the world in 2015 – both organically and acquisitively – according to Michael Knight, senior vice president, TTI Americas, in MDM Interview: TTI's Strategic Approach to Global Growth.
The Fort Worth, TX-based company, a wholly owned subsidiary of Warren Buffett's Berkshire Hathaway, is a "net hirer even in downturns" and is adding to its team in all regions, Knight said.
"This is a year too that’s pretty interesting for us in that we’re starting to truly globalize," he said. "We’ve created some global positions this year to help us change that – mainly help us keep up with our largest customers who got there ahead of us. They’re already globalizing, and that's one of the things you see in our biggest customer engagements in any market segment."
While acquisitions don't play a huge role at the company, TTI has targeted strategic assets in recent years – especially since 2007, when it was acquired by Berkshire Hathaway – as it looks to grow market share in a heavily consolidated sector.
"It’s not, and I don’t think it ever will be, our primary growth engine, which is the case for other distributors that we compete with," Knight said. "For us, it’s an add-on to our principle method of growth, which is organic. And it just is an accelerator for something that we would otherwise do organically."
Also to enhance its global strategy, the company – No. 4 on the 2015 MDM Market Leaders list for electronics distributors with $3.1 billion in revenue last year – earlier this year made several changes to its senior management structure.
Mike Morton, president, TTI Americas, was named senior vice president and president, TTI Global Sales and Marketing, reporting directly to Paul Andrews, founder and CEO. The company also announced several changes in its Europe, Asia and Israel operations. Glyn Dennehy was appointed president, EMEA (Europe, Middle East & Africa). In Asia, Anthony Chan was promoted to president, Asia Pacific, and Yigal Funk was named president, TTI Israel. All three will report directly to Morton.
Read more about TTI's focus this year in MDM Interview: TTI's Strategic Approach to Global Growth.