- TTM Technologies ( NASDAQ: TTMI ) said Wednesday it plans to shut down three manufacturing facilities, and cut about 750 jobs, in order to improve total plant utilization, operational performance, customer focus and profitability.
- Shares -8.5% at $14.45 after hours.
- TTM intends to close PCB manufacturing operations in Anaheim and Santa Clara, California, and Hong Kong and to consolidate the business from these impacted sites into its remaining facilities.
- The company said it expects to record between $22 and $28 million related to the restructuring, primarily between now and the end of 2023. About 80% of the costs are expected to be in the form of cash expenditures and the rest in the form of non-cash charges.
- TTM said it expects to close the sites over the course of this year.
- "Today’s actions are expected to yield an annual operating profit increase of approximately $22 to $27 million after the facilities are closed and the transferred business is fully assimilated within our remaining footprint," the company said in a statement.
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TTM Technologies to close down 3 manufacturing sites, cuts 750 jobs, stock sinks -8%