This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TTM Technologies, Inc. Signs Letter Of Intent For SYE And DMC Plants

COSTA MESA, Calif., Feb. 1, 2013 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today announced that it has signed a letter of intent with its minority partner, Shengyi Technology Co. Ltd. (Sytech) (Shanghai: 600183:CH), to dispose of TTM's 70.2 percent equity interest in the SYE plant and to acquire Sytech's 20 percent equity interest in the DMC plant. Both the SYE and DMC plants manufacture conventional PCBs and are located in Dongguan, China. Subject to conclusion of a formal sale and purchase agreement between the parties, the transaction is expected to close by the end of the second quarter of 2013. A condition for closing is that the parties value all of SYE at 1 billion RMB (about $161 million) and all of DMC at 900 million RMB (about $145 million).

"In our Asia Pacific operating segment, we see the strongest growth prospects and customer demand for our advanced technology PCBs," said Kent Alder, CEO of TTM. "When completed, this transaction will reduce our footprint for conventional PCBs in Asia Pacific and should help improve our capacity utilization."

Safe Harbor Statement

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, contemplated significant capital expenditures and related financing requirements, the company's ability to integrate and manage its Asia Pacific operations, the company'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 the company's most recent SEC filings.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs