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TTM to Acquire Remaining Stake in Aspocomp
May 5, 2011 | Globe NewswireEstimated reading time: 1 minute
TTM Technologies Inc., a major global PCB manufacturer, has entered into a letter of intent to acquire the remaining 20% interest in Meadville Aspocomp (BVI) Holdings Ltd. (MAH) from Finland-based Aspocomp Group Plc for EUR 14.5 million. Under this letter of intent, TTM also has agreed to exchange its 10% stake in Aspocomp Oulu Oy (Oulu) for approximately 12.3 million shares of Aspocomp to be issued by Aspocomp for this exchange. Oulu is a PCB manufacturer based in Finland. Both the proposed transactions are subject to the signing and completion of definitive agreements.
MAH was established by Aspocomp in 2007 to hold its major PCB manufacturing operations in Asia. TTM's Asia Pacific business segment, which at the time was part of Meadville Holdings Ltd., acquired an 80% interest in MAH from Aspocomp in late 2007 with an agreement to purchase the remaining 20% as early as January 2013. By agreeing to purchase the remaining stake early, TTM will receive a discount of approximately EUR2.9 million to the minimum price. The transaction is not expected to impact TTM's earnings per share as the company has historically included MAH's results in its financial statements.
About TTM
TTM Technologies, Inc. is a major global PCB manufacturer, focusing on quick-turn and technologically advanced PCBs and the backplane and sub-system assembly business. 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. Additional information can be found at www.ttmtech.com.