COSTA MESA, CA -- TTM Technologies today announced it would lay off 80 workers worldwide as result of just-announced changes to its operating structure.
Under the new model, TTM will concentrate on key end-markets by means of individual business units. As part of the switch, the PCB fabricator will reduce its workforce by about 80 employees and take one-time termination costs of approximately $3 million to 4 million associated with the workforce reduction.
The organizational changes are expected to save the firm about $10 million per year and will largely be implemented by the end of the first quarter.
Effective Jan. 1, TTM's PCB segment will be comprised of three BUs: Communications and Computing; Automotive, Medical, Industrial and Instrumentation; and Aerospace, Defense, and Specialty.
The Electro-Mechanical Solutions Segment will be a single BU.
In a press release announcing the switch, TTM CEO Tom Edman said, "This new structure allows us to align with our customers. It provides a global footprint to seamlessly support all their PCB needs from prototyping through volume production. Our new BU presidents will be responsible for the financial performance of their respective BUs, key market segments, and the plants most closely associated with those segments. Our goal is to create a completely market-focused structure which we believe will further strengthen our competitive offerings around the globe, especially when paired with our advanced technologies and skilled employees."
The company named Doug Soder president of the Communications and Computing BU, supporting customers in the cellular, networking, communications, and computing end markets. He currently serves as executive vice president and president of the North America BU.
Jon Pereira becomes president of the Automotive, Medical, Industrial and Instrumentation BU, focused on customers in the automotive end market as well as the high-mix customer base serving the medical, industrial, and instrumentation markets. He was senior vice president of the Hi Reliability BU.
Philip Titterton will be president of the Aerospace, Defense and Specialty BU, supporting military and aerospace customers and specialty product offerings from a number of U.S. facilities. He was chief operating officer of the North American BU.
Anthony Princiotta continues as president of the Electro-Mechanical Solutions BU, leading the effort to provide customers with custom assemblies and system integration.
In addition, Brian Barber has been promoted to COO of TTM, while VP of global EMS sales Kent Hardwick becomes senior vice president of sales. Canice Chung, currently president of the Asia Pacific BU, has been named executive vice president of business development, Asia Pacific.