SANTA ANA, CA – TTM Technologies announced this week that it will close three PCB manufacturing operations in Anaheim and Santa Clara, CA, and Hong Kong, and plans to consolidate the business from these sites into its remaining facilities.

TTM said it expects to close the three sites over the course of this year, and while some employees will be transferred to nearby facilities, the company said it expects a total reduction of approximately 750 employees, or around 5% of its global workforce.

TTM said it expects to see between $22 million and $28 million in separation, asset impairment and disposal costs related to the closures, and projects an annual profit increase of around $22 million to $27 million after the facilities are closed and operations are consolidated within its remaining footprint.

“Although demand for our Aerospace & Defense business remains very strong, current macro-economic conditions are causing a softening of demand for our commercial business. This has necessitated the need for us to streamline our manufacturing operations,” said Tom Edman, president and CEO of TTM Technologies. “We expect the action plans that we are announcing today will allow us to better serve our customers with more focused operations as well as a lower cost structure. We will be working with our customers to transfer their business to other facilities in our footprint.

“These are extremely difficult decisions, and we realize these actions will likely have a significant impact on the lives of our dedicated employees at the Anaheim, Santa Clara, and Hong Kong locations. We will work with our employees to assist them through this transition,” he said.

• Prev
• Next