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TTM Technologies, Inc., a leading manufacturer of time-critical and technologically advanced printed circuit boards (PCBs), today announced plans to close its Dallas, Oregon, facility. TTM intends to transfer PCB production from its Dallas facility to other company sites, primarily in Logan, Utah, and Redmond, Washington. The Dallas operation, which mainly has produced commercial printed circuit boards, was part of the Tyco Printed Circuit Group business acquired in October 2006.
"It is always a difficult decision to close a facility," said Kent Alder, President and CEO of TTM Technologies. "However, shifting production from the underutilized and unprofitable Dallas facility to TTM's other plants will improve utilization of our remaining facilities, reduce our cost structure and lower future capital expenditures as we transfer some of the equipment from Dallas to our other operations."
"Prior to closing our acquisition of the Tyco Printed Circuit Group business, we began assessing the need to close certain facilities. Today's actions are a result of these initial assessments," Alder said. "We are committed to continually evaluating our cost structure. However, currently we have no additional restructuring plans."
"We intend to take all necessary steps to maintain an uninterrupted supply of printed circuit boards and ensure a smooth transition for our customers," added Alder.
The approximately 300 affected employees will be offered severance and other benefits. TTM expects to pay approximately $2.6 million for employee severance in the first quarter of 2007. In addition to transferring assets to other sites, the company also will sell some of the Dallas property, plant and equipment.
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.