EXHIBIT 99.1
Published on December 11, 2006
Exhibit 99.1
Contact:
|
Steve Richards | |
Chief Financial Officer | ||
714/241-0303 |
TTM TECHNOLOGIES, INC. ANNOUNCES CLOSURE
OF DALLAS, OREGON, FACILITY
OF DALLAS, OREGON, FACILITY
SANTA ANA, CA December 7, 2006 TTM Technologies, Inc. (Nasdaq: TTMI), a leading manufacturer
of time-critical and technologically advanced printed circuit boards (PCBs), today announced plans
to close its Dallas, Oregon, facility. TTM intends to transfer PCB production from its Dallas
facility to other company sites, primarily in Logan, Utah, and Redmond, Washington. The Dallas
operation, which mainly has produced commercial printed circuit boards, was part of the Tyco
Printed Circuit Group business acquired in October 2006.
It is always a difficult decision to close a facility, said Kent Alder, President and CEO of TTM
Technologies. However, shifting production from the underutilized and unprofitable Dallas
facility to TTMs other plants will improve utilization of our remaining facilities, reduce our
cost structure and lower future capital expenditures as we transfer some of the equipment from
Dallas to our other operations.
Prior to closing our acquisition of the Tyco Printed Circuit Group business, we began assessing
the need to close certain facilities. Todays actions are a result of these initial assessments,
Alder said. We are committed to continually evaluating our cost structure. However, currently we
have no additional restructuring plans.
We intend to take all necessary steps to maintain an uninterrupted supply of printed circuit
boards and ensure a smooth transition for our customers, added Alder.
The approximately 300 affected employees will be offered severance and other benefits. TTM expects
to pay approximately $2.6 million for employee severance in the first quarter of 2007. In addition
to transferring assets to other sites, the company also will sell some of the Dallas property,
plant and equipment.
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 ability to integrate the acquisition of the Tyco Printed Circuit
Group business, the companys dependence upon the electronics industry, 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.