EX-99.1
Published on January 16, 2009
Exhibit 99.1
TTM TECHNOLOGIES, INC. ANNOUNCES CLOSURE
OF REDMOND, WASHINGTON FACILITY
OF REDMOND, WASHINGTON FACILITY
SANTA ANA, CA January 15, 2009 TTM Technologies, Inc. (Nasdaq: TTMI), North Americas largest
printed circuit board (PCB) manufacturer, today announced that it will close its Redmond,
Washington facility during the first quarter of 2009 due to weakened demand for commercial PCBs.
It is always a difficult decision to close a facility and lay off employees. We understand the
impact this action has on the lives of our employees, and we will do all we can to assist our
employees through this difficult time, said Kent Alder, President and CEO of TTM Technologies.
Shifting production from the underutilized Redmond facility to TTMs other plants will improve
utilization at our remaining facilities, reduce our cost structure and lower future capital
expenditures as we relocate some of the equipment from Redmond to our other operations.
TTM will transfer PCB production from its Redmond facility to other company sites in California,
Connecticut, Utah and Wisconsin, providing an uninterrupted supply of PCBs to customers of the
Redmond facility.
The Redmond operation, which primarily produces commercial printed circuit boards, employs 374
full-time employees and 55 temporary employees. In addition to the Redmond closure, TTM is
reducing headcount at other plants by approximately 140 employees. The combined layoff represents
approximately 14 percent of the companys work force.
Several months ago we began assessing our current North American footprint given the global
economic downturn. Todays action is a result of this assessment, Alder said. While we are
committed to continually evaluating our cost structure, we currently have no additional
restructuring plans.
TTM will offer separation and other benefits to the affected employees. The company expects to
record approximately $4.1 million in separation, asset impairment and disposal costs related to
this restructuring primarily in the first quarter of 2009. The actual expense may vary pending the
results of a property appraisal to be conducted in the first quarter. In addition to transferring
assets to other sites, the company plans to sell some of the Redmond property, plant and equipment.
As a result of todays actions, the company expects to achieve annual cost savings of between $20
million and $25 million.
In addition to announcing the closure of the Redmond facility, TTM confirmed its earlier revenue
and earnings guidance for the fourth quarter of 2008. The company expects revenue to be in a range
from $156 million to $164 million and diluted earnings per share, before the impact of potential
impairment charges associated with its long-lived assets, including goodwill, to be between $0.14 and $0.19.
TTM Technologies, Inc. is North Americas largest 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 companys 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 http://www.ttmtech.com.
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 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.