TTM Technologies, Inc. Announces Closure of MAS Plant
COSTA MESA, Calif., Sept. 12, 2013 (GLOBE NEWSWIRE) -- TTM Technologies, Inc.
(Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today
announced that it will cease operations at its Suzhou, China facility ("MAS")
and lay off approximately 600 employees at this facility at or near the end of
September 2013. TTM intends to transfer PCB production at MAS to one or more
of its facilities located in China, providing an uninterrupted supply of PCBs
The decision to close the MAS facility was based on the facility's
capabilities not being consistent with TTM's advanced technology strategy, and
the fact that it has not been profitable.
TTM will offer separation and other benefits to the affected employees. TTM
expects to record, primarily in the third quarter, between $10 million and $20
million in separation, asset impairment and disposal costs related to this
Safe Harbor Statement
This release contains forward-looking statements that relate to future events
or performance. These statements reflect TTM's current expectations, and TTM
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 TTM statements will not be realized.
Furthermore, readers are cautioned that these statements involve risks and
uncertainties, many of which are beyond TTM'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 potential of TTM
to incur unexpected costs in connection with the restructuring, potential
difficulties in connection with transferring PCB production from MAS to other
of TTM's facilities in China, TTM's dependence upon the electronics industry,
contemplated significant capital expenditures and related financing
requirements, TTM'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 TTM's most recent SEC filings.
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
TTM'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.
CONTACT: Todd Schull, CFO
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