TTM Technologies, Inc. Signs Letter of Intent for SYE and DMC Plants
COSTA MESA, Calif., Feb. 1, 2013 (GLOBE NEWSWIRE) -- TTM Technologies, Inc.
(Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today
announced that it has signed a letter of intent with its minority partner,
Shengyi Technology Co. Ltd. (Sytech) (Shanghai: 600183:CH), to dispose of
TTM's 70.2 percent equity interest in the SYE plant and to acquire Sytech's 20
percent equity interest in the DMC plant. Both the SYE and DMC plants
manufacture conventional PCBs and are located in Dongguan, China. Subject to
conclusion of a formal sale and purchase agreement between the parties, the
transaction is expected to close by the end of the second quarter of 2013. A
condition for closing is that the parties value all of SYE at 1 billion RMB
(about $161 million) and all of DMC at 900 million RMB (about $145 million).
"In our Asia Pacific operating segment, we see the strongest growth prospects
and customer demand for our advanced technology PCBs," said Kent Alder, CEO of
TTM. "When completed, this transaction will reduce our footprint for
conventional PCBs in Asia Pacific and should help improve our capacity
Safe Harbor Statement
This release contains forward-looking statements that relate to future events
or performance. These statements reflect the company's current expectations,
and the company does not undertake to update or revise these forward-looking
statements, even if experience or future changes make it clear that any
projected results expressed or implied in this or other company statements
will not be realized. Furthermore, readers are cautioned that these statements
involve risks and uncertainties, many of which are beyond the company's
control, which could cause actual results to differ materially from the
forward-looking statements. These risks and uncertainties include, but are not
limited to, the company's dependence upon the electronics industry,
contemplated significant capital expenditures and related financing
requirements, the company's ability to integrate and manage its Asia Pacific
operations, the company's dependence upon a small number of customers, the
unpredictability of and potential fluctuation in future revenues and operating
results and other "Risk Factors" set forth in the company's most recent SEC
TTM Technologies, Inc. is a major global printed circuit board manufacturer,
focusing on quick-turn and technologically advanced PCBs and the backplane and
sub-system assembly business. TTM stands for time-to-market, representing how
the company's time-critical, one-stop manufacturing services enable customers
to shorten the time required to develop new products and bring them to market.
Additional information can be found at www.ttmtech.com.
The TTM Technologies logo is available at
CONTACT: Steve Richards, CFO
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