EX-99.1
Published on August 4, 2006
Exhibit 99.1
Contact:
|
Steve Richards | |
Chief Financial Officer | ||
714/241-0303 |
TTM TECHNOLOGIES, INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE PRINTED CIRCUIT GROUP OF TYCO INTERNATIONAL LTD.
SANTA ANA, CA August 2, 2006 TTM Technologies, Inc. (Nasdaq: TTMI), a leading manufacturer of
time-critical and technologically advanced printed circuit boards, today announced the signing of a
definitive agreement to acquire the Tyco Printed Circuit Group business unit from Tyco
International Ltd. (NYSE: TYC, BSX: TYC). Tyco Printed Circuit Group (TPCG) is a leading producer
of complex, high performance and specialty printed circuit boards (PCBs) and is one of the major
suppliers of military and aerospace PCBs in North America. TTM will purchase TPCG for $226 million.
The transaction is expected to be completed in the fall of 2006, subject to customary closing
conditions and regulatory approval.
The acquisition of Tyco Printed Circuit Group makes us a leader in the attractive
military/aerospace sector of the PBC industry, stated Kent Alder, President and CEO of TTM
Technologies. We also are expanding our presence in the quick-turn and high-mix sectors of the
PCB marketplace. Together, we have a more diversified customer base, broader end-market exposure,
and expanded capabilities to service customers. And the combination makes us the largest PCB
manufacturer in North America with annualized sales in excess of $650 million.
The purchase price will be paid by a combination of cash on the balance sheet and the proceeds of a
fully committed term loan and revolving credit facility.
TTM expects the transaction to be accretive to earnings within the first year post acquisition.
Tyco Printed Circuit Group had unaudited revenue for the trailing 12 months ended June
30th, 2006 of approximately $380 million and adjusted and unaudited EBITDA of
approximately $29 million. Services offered by TPCG include military/aerospace, specialty PCBs,
high-mix PCBs; quick-turn PCBs; and backplane and sub-system assembly through eight specialized
facilities in the United States and one in China.
UBS Investment Bank acted as exclusive financial advisors to TTM Technologies, Inc. on the
transaction and is acting as sole arranger of the fully committed debt financing in support of the
acquisition.
Conference Call/Webcast
TTM will conduct a conference call to discuss the acquisition at 9:00 a.m. Eastern/6 a.m. Pacific
time on Thursday August 3, 2006. Telephone access is available by dialing 866-550-6338. The call
also will be simulcast and available for replay until August 11, 2006 on the companys website,
www.ttmtech.com.
TTM Technologies, Inc. is a leading supplier of time-critical and technologically advanced printed
circuit boards to original equipment manufacturers and electronics manufacturing services
companies. TTM stands for time-to-market, representing how the companys time-critical, one-
stop manufacturing services enable customers to shorten the time required to develop new products
and bring them to market.
This release contains forward-looking statements that relate to future events or performance.
These statements reflect the companys 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 companys 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 companys dependence upon the electronics industry, the risks associated
with integrating acquisitions, the companys dependence upon a small number of customers, general
economic conditions and specific conditions in the markets TTM addresses, the unpredictability of
and potential fluctuation in future revenues and operating results, increased competition from
low-cost foreign manufacturers, and other Risk Factors set forth in the companys most recent SEC
filings.