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Tyco Sells Printed Circuit Group
August 3, 2006 |Estimated reading time: 1 minute
Tyco International Ltd. has entered into a definitive agreement to sell the Tyco Printed Circuit Group (TPCG) business to Santa Ana, Calif.-based TTM Technologies for $226 million in cash. TTM Technologies is a supplier of time-critical and advanced PCBs to OEMs and EMS providers. The transaction was approved by Tyco's Board of Directors, and is slated to close in the fall of 2006.
Sale of the business is consistent with Tyco's strategy to divest certain businesses to streamline its portfolio and reallocate resources to its core operations, states a company press release. "Tyco is making additional inroads in the mobile phone industry, and in communications," states a spokesperson for Tyco. "The company may invest more aggressively in those areas. Those are markets that aren't necessarily very large, but have they have great upside and great potential."
Because of TTM Technologies' strong focus on the PCB business, Tyco also expects the sale to help secure the long-term future of the TPCG business and its employees. "The acquisition of Tyco Printed Circuit Group makes us a leader in the attractive military/aerospace sector of the PCB industry," stated Kent Alder, president and CEO of TTM Technologies. TTM also plans to expand its presence in the quick-turn and high-mix sectors of the PCB marketplace. "...the combination makes us the largest PCB manufacturer in North America, with annualized sales in excess of $650 million," adds Adler.
TPCG has about 2,000 employees throughout eight U.S.-based manufacturing facilities and one China, and reported revenues of $383 million in 2005. Finalization of the transaction is subject to contractual closing conditions, regulatory approvals, and expiration of the requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, as amended. TTM anticipates that the transaction will be accretive to earnings within the first year post-acquisition.