TTM Technologies Announces Sale Of Mobility Business Unit - Quick Facts

(RTTNews) - TTM Technologies, Inc. (TTMI), a global PCB manufacturer, has agreed to divest its four China manufacturing plants comprising substantially all of the assets of its Mobility business unit. The $550 million deal does not include certain accounts receivable of the business unit as of the closing date, which TTM expects, will result in an estimated $110 million in cash receivable to TTM.

TTM Technologies said, with the deal, the remaining TTM business should be less seasonal and more exposed to longer cycle markets.

"After years of double digit growth, the cellular market has matured resulting in lower growth rates. However, this market still demands substantial investment and capital commitments. In addition, the cellular market is highly seasonal and is driven by short term product cycles. The combination of these trends posed increasing challenges to our strategic direction and desired business model," said Tom Edman, CEO of TTM.