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TTM Technologies, Inc., a leading manufacturer of time-critical and technologically advanced printed circuit boards (PCBs), today announced completion of the acquisition of the Tyco Printed Circuit Group business unit from Tyco International Ltd. Tyco Printed Circuit Group is a leading producer of complex, high performance and specialty printed circuit boards and one of the major suppliers of military and aerospace PCBs in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />North America.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The purchase price of $226 million was financed with a $200 million, 6-year term loan and cash on the balance sheet. The term loan has no prepayment penalties and carries an interest rate of LIBOR + 225 basis points. TTM also has a $40 million unused revolving credit facility.
"Tyco Printed Circuit Group has a strong reputation for its advanced technological capabilities and excellence in customer service," said Kent Alder, President and CEO of TTM Technologies. "Together, our diversified customer base and end-market exposure, expanded geographic presence, and additional purchasing leverage will make us a more formidable competitor with greater-than-ever opportunities for growth and profitability."
TTM will discuss the acquisition and respond to questions during its third quarter conference call hosted on Wednesday, November 1, 2006, at 4:30 p.m. Eastern/1:30 p.m. Pacific time. Telephone access is available by dialing 800-946-0783. The call also will be simulcast and available for replay until November 8, 2006, on the company's website, http://www.ttmtech.com/ .
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.