TTM Technologies Backs Q3 Outlook; To Eliminate About 550 Employees

(RTTNews) - TTM Technologies, Inc. (TTMI), a major global printed circuit board or PCB manufacturer, said it remains on track to achieve its previously reported third quarter 2015 guidance of non-GAAP earnings in the range of $0.14 to $0.20 per share and revenue in the range of $640 million to $680 million. Analysts currently expect third quarter earnings of $0.17 per share and revenue of $661.74 million.

Further, the company announced that it plans to close three facilities in order to improve total plant utilization, operational performance and customer focus.

Manufacturing operations in Cleveland, Ohio and Milpitas, California will be combined with nearby TTM locations in North Jackson, Ohio and Silicon Valley, California, respectively. TTM's electronic manufacturing solutions or E-MS facility in Juarez, Mexico will be closed. The plant closures are part of a comprehensive integration plan that the company commenced following the acquisition of Viasystems on May 31, 2015.

TTM said it will offer customers of the affected plants uninterrupted support at its remaining 25 manufacturing sites worldwide.

Over the next three to six months, TTM will close the three affected sites and, where appropriate, transfer employees to other facilities nearby. Separation and other benefits will be extended to those employees who are not transferred to another TTM facility.

The company said it expects a total headcount reduction of approximately 550 employees in conjunction with the plant closures and consolidation.