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TTM Technologies, Inc. Acquires Honeywell's Advanced Circuits Operation; Conference Call on December 30 at 4:30 p.m. EST
REDMOND, Wash., Dec. 26 /PRNewswire-FirstCall/ -- TTM Technologies, Inc. (Nasdaq: TTMI), a leading manufacturer of time- critical, technologically advanced printed circuit boards, today announced it has acquired Honeywell's Advanced Circuits operation (ACI). The total cost of the acquisition is approximately $2 million, including fees and expenses.
"Advanced Circuits provides an excellent complement to our existing operations and is a tremendous fit with our successful time and technology strategy," said Kent Alder, chief executive officer of TTM Technologies. "In addition to its high technology capacity, ACI will give us access to additional blue-chip clients, creating opportunities to cross sell our quick- turn capabilities."
ACI participates in the very high technology end of the printed circuit board industry, with an average layer count of approximately 18 and expertise in specialty materials. Its major customers include Cisco, Sun Microsystems, IBM, Celestica and Solectron. ACI currently employs 700 workers at its only facility in Chippewa Falls, Wisconsin, and has fourth-quarter annualized revenues of an estimated $80 to $90 million.
"While this operation represented a non-core asset for Honeywell, time critical, technologically advanced printed circuit boards are our only business," continued Alder. "With active integration and management, we expect to enhance the operating efficiency and the profitability at ACI, given our core focus on printed circuit boards and our commitment to low corporate overhead."
"ACI fills a strategic need for TTM and gives us high-tech capabilities at an attractive price," concluded Alder. "We are committed to maintaining ACI's position at the high end of the printed circuit board industry and making its operations profitable in 2003."
TTM Technologies, Inc. is a leading supplier of time-critical, technologically advanced printed circuit boards to original equipment manufacturers and electronics manufacturing services companies. 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.
The company will conduct a conference call to discuss the acquisition on Monday, December 30, at 4:30 p.m. Eastern/1:30 p.m. Pacific time. The dial-in number for the call is 800-915-4836, or 973-317-5319 for international callers. Replay of the call will be available from 6:30 p.m. Eastern time on Monday, December 30, until 6:30 p.m. Eastern time on Thursday, January 2, 2003. To access the replay, dial 800-428-6051, or 973-709-2089 for international callers, followed by the passcode 276987. Additionally, the call will be simulcast and available for replay until January 6, 2003, on the company's Web site, www.ttmtech.com .
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; the company's dependence upon a small number of customers; the inherent unpredictability of future revenues, expenses, and operating results; general economic conditions and specific conditions in the markets TTM and ACI address; the company's ability to integrate the acquisition of ACI; and other "Risk Factors" set forth in the company's Form 10-K for 2001.
SOURCE TTM Technologies, Inc.
/CONTACT: Stacey Peterson, Chief Financial Officer, of TTM Technologies, +1-714-241-0303/
/Web site: http://www.ttmtech.com /