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 to customers.
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 restructuring.
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 714-327-3000
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