SUZHOU -- TTM Technologies will close its printed circuit board fabrication plant here and lay off about 600 employees. The company will take up to $20 million in one-time charges related to the restructuring, TTM said in a Securities & Exchange Commission filing.

The site was reportedly operating at two-thirds capacity. Production will be moved to other TTM sites.

TTM's largest non-defense customer is Apple, which makes up about 14% of its $1.3 billion in sales. Analysts are speculating that lower demand for iPhones has at least in part dampened capacity utilization rates.

In a statement TTM said the decision to close the facility was based on its capabilities not being consistent with TTM's advanced technology strategy, and the fact that it has not been profitable.

TAGS: TTM, PCB fabrication, printed circuit board, Suzhou, China, SEC, Apple, iPhone

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