-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
Getting to Know Your Designer
In this issue, we examine how fabs work with their design customers, educating them on the critical elements of fabrication needed to be successful, as well as the many tradeoffs involved. How well do you really know your customer? What makes for a closer, more synchronized working relationship?
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
TTM Technologies Completes Acquisition of Viasystems
June 5, 2015 | Globe NewswireEstimated reading time: 2 minutes
TTM Technologies, Inc., a major global printed circuit board manufacturer, announced today that the company has completed its acquisition of Viasystems Group, Inc. With pro forma 2014 combined annual revenue of $2.5 billion, TTM is now one of the world's largest and most diversified PCB manufacturers with a broad product offering and the enhanced ability to support customers' product lifecycles from engineering support to prototype development through final volume production.
The acquisition, which has an implied value of approximately $950 million, further diversifies and broadens TTM's market presence and customer base, particularly with Viasystems' strength in the growing automotive sector. At the same time, Viasystems brings to TTM complementary positions in the aerospace and defense, medical, industrial and instrumentation, and networking/telecom end markets. This increased end market diversification is expected to reduce the impact of the seasonality inherent in the cellular phone end market.
"This is an exciting day for TTM and Viasystems and our over 30,000 employees who are serving our customers worldwide," said Tom Edman, CEO of TTM. "I enthusiastically welcome the Viasystems employees to TTM as we move forward together to build the preeminent company in the PCB industry. The combination of TTM's advanced technologies with Viasystems' market access and complementary businesses in important end markets enhances the combined company's long-term growth opportunities. This transaction creates compelling benefits for our customers, employees and shareholders through expanded capabilities and economies of scale. We are confident that this combination will be accretive to TTM's non-GAAP earnings in the first year following the closing as we combine over $55 million in estimated annual cost savings with the strong cash flow and earnings generation capability of the combined company."
TTM's performance for its historic operations is tracking with its previously issued guidance. However, TTM is updating its guidance for the second quarter of 2015 to reflect the one month contribution from Viasystems. TTM now expects second quarter revenue in the range of $420 million to $460 million, compared to its previous expectation of $330 million to $350 million, and non-GAAP net income in the range of $0.11 to $0.17 per diluted share consistent with prior guidance.
TTM will provide further information regarding the acquisition during its second quarter earnings conference call in mid-August.
In conjunction with the closing of the transaction, TTM entered into a $950 million Senior Secured Term Loan B credit facility. Borrowings under this facility, which had original issue discount of $33.25 million, were made at LIBOR plus 5% with a 1% LIBOR floor. TTM also put in place two $150 million asset based lending (ABL) facilities: one in the United States and one in Hong Kong to support business needs in these regions. $80 million was borrowed under the U.S. ABL at LIBOR plus 1.75% to complete the Viasystems transaction.
Terms of the Transaction
TTM acquired all of the outstanding shares of Viasystems for a combined consideration of $11.33 in cash and 0.706 shares of TTM common stock per Viasystems' share of common stock. In connection with the closing of the acquisition, Viasystems' common stock will cease to be publicly traded on the NASDAQ stock market as of June 1, 2015.
About TTM
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttmtech.com.
Suggested Items
Absolute EMS Successfully Recertifies ISO 9001:2015 and AS9100 Standards
03/26/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, is proud to announce the successful recertification of its ISO 9001:2015 and AS9100 Rev D SAE International Aerospace Standards.
Arlon EMC Receives IPC-4101 QPL Recertification
03/20/2024 | Arlon Electronic MaterialsArlon Electronic Materials has successfully completed an intensive two-day recertification audit by IPC Validation Services that examined Arlon’s manufacturing processes and testing procedures to assure that they are in conformance to the requirements of IPC-4101E-WAM1, the Specification for Base Materials for Rigid and Multilayer Printed Boards.
Northrop Grumman Honors Suppliers for Excellence
03/14/2024 | Northrop GrummanNorthrop Grumman Corporation honored more than 70 suppliers for their outstanding contributions in 2023. In an annual recognition event, the companies included women-, minority- and veteran-owned small businesses as well as those operating in underdeveloped areas.
Cicor Acquires TT Electronics IoT Solutions
03/04/2024 | Cicor Technologies Ltd.The Cicor Group has signed an agreement to acquire TT Electronics IoT Solutions Ltd, with three production sites in the UK and China.
AEM, Texas Aerospace Technologies Bolster Partnership for Latin America
02/26/2024 | AEM Corp.Canadian avionics manufacturer, Anodyne Electronics Manufacturing Corp. (AEM), is pleased to announce a partnership expansion with Texas Aerospace Technologies, a subsidiary of Texas Aerospace Services, to add AEM’s new MTP136D modern panel-mount P25 VHF FM Forest Service radio to its lineup of product offerings for their Latin American customers.