The LGL Group (LGL) Acquires Certain Assets from PTF Inc.
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The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”), today announced it has acquired certain assets from Precise Time and Frequency, Inc. (“PTF Inc.”). The assets will be held by Precise Time and Frequency, LLC (“PTF LLC”), a newly formed, wholly-owned subsidiary of The LGL Group, Inc.
LGL Chairman and CEO, Michael J. Ferrantino, Sr. said, “ This acquisition represents another building block in the Company’s strategy to be a much broader based supplier of highly engineered products for the generation, synchronization and control of timing and frequency. It will nicely compliment the broader, complete line of spectrum control products that the Company provides.”
PTF Inc., based in Wakefield, Massachusetts, is a well known technology leader in the design of high performance Frequency and Time reference standards that form the basis for timing and synchronization in many applications.
Michael J. Ferrantino, Sr. added, “We are thrilled to add PTF LLC to our LGL family. Over the next several quarters we expect to invest additional resources into this product line, primarily in sales, marketing and engineering, so that we can expand its geographic reach and free-up current design engineering resources to focus on designing new, market-driven products.”
PTF LLC will be led by CEO, David Briggs, former CEO of PTF Inc., along with an experienced team of engineers, also former employees of PTF Inc. PTF LLC will remain in Wakefield, Massachusetts.
David Briggs added, “We are excited to be a part of the LGL organization, with its financial resources, component engineering expertise, and world-class sales channel. We look forward to expanding the presence and capabilities we have built over the past decade, and are confident that together with the LGL organization we can grow PTF LLC into a market leader.”
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