TTM Technologies, Inc. (Nasdaq: TTMI), a leading manufacturer of time-critical and technologically advanced printed circuit boards (PCBs), today announced completion of the acquisition of the Tyco Printed Circuit Group business unit from Tyco International Ltd. (NYSE: TYC; BSX: TYC). Tyco Printed Circuit Group is a leading producer of complex, high performance and specialty printed circuit boards and one of the major suppliers of military and aerospace PCBs in North America.
The purchase price of $226 million was financed with a $200 million, 6-year term loan and cash on the balance sheet. The term loan has no prepayment penalties and carries an interest rate of LIBOR + 225 basis points. TTM also has a $40 million unused revolving credit facility.
“Tyco Printed Circuit Group has a strong reputation for its advanced technological capabilities and excellence in customer service,” said Kent Alder, President and CEO of TTM Technologies. “Together, our diversified customer base and end-market exposure, expanded geographic presence, and additional purchasing leverage will make us a more formidable competitor with greater-than-ever opportunities for growth and profitability.”
TTM will discuss the acquisition and respond to questions during its third quarter conference call hosted on Wednesday, November 1, 2006, at 4:30 p.m. Eastern/1:30 p.m. Pacific time. Telephone access is available by dialing 800-946-0783. The call also will be simulcast and available for replay until November 8, 2006, on the company’s website.
TTM Technologies, Inc. is a leading supplier of time-critical and technologically advanced printed circuit boards to original equipment manufacturers and electronics manufacturing services companies. TTM stands for time-to-market, representing how the company’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.