TTM Technologies, Inc. Announces Global Operating Model
12 December 2015 - 12:00AM
TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed
circuit board ("PCB") manufacturer, today announced changes to its
operating model that will create individual business units ("BU")
focused on customer end markets. Effective January 1, 2016, TTM's
PCB Segment will be comprised of three BUs: Communications and
Computing; Automotive, Medical, Industrial and Instrumentation; and
Aerospace, Defense, and Specialty. The Electro-Mechanical
Solutions Segment will be a single BU.
TTM CEO Tom Edman said, "This new structure allows us to align
with our customers. It provides a global footprint to
seamlessly support all their PCB needs from prototyping through
volume production. Our new BU Presidents will be responsible
for the financial performance of their respective BUs, key market
segments, and the plants most closely associated with those
segments. Our goal is to create a completely market-focused
structure which we believe will further strengthen our competitive
offerings around the globe, especially when paired with our
advanced technologies and skilled employees."
As the Company transitions to the new operating model, it will
reduce its workforce by approximately 80 employees
worldwide. The Company anticipates it will incur one-time
termination costs of approximately $3 to 4 million associated with
the work force reduction. These organizational changes are
also expected to generate approximately $10 million of
predominately Selling, General and Administrative expenses synergy
savings, which will largely be implemented by the end of the first
quarter of 2016.
New Business Unit Leadership and Executive Team
Appointments
Doug Soder will be President of the Communications and Computing
BU, supporting customers in the cellular, networking,
communications, and computing end markets. He currently serves
as Executive Vice President and President of the North America
BU.
Jon Pereira will be President of the Automotive, Medical,
Industrial and Instrumentation BU, focused on customers in the
automotive end market as well as the high-mix customer base serving
the medical, industrial, and instrumentation markets. Jon
currently serves as Senior Vice President of the Hi Reliability
BU.
Philip Titterton will be President of the Aerospace, Defense and
Specialty BU, supporting military and aerospace customers and
specialty product offerings from a number of U.S.
facilities. Phil currently serves as Chief Operating Officer
of the North American BU.
Anthony Princiotta will continue as President of the
Electro-Mechanical Solutions BU, leading the effort to provide
customers with custom assemblies, system integration, product
fulfillment, and other Electro-Mechanical solutions.
Brian Barber will be Chief Operating Officer of TTM and will
work to closely align operations across the three PCB BUs around
the world. He is currently Senior Vice President of the Hi
Technology BU.
Kent Hardwick will be Senior Vice President of Sales and will
manage TTM's regional sales support organizations, global EMS
partner sales structures, marketing, and sales
administration. Kent currently serves as Vice President,
Global EMS Sales.
Canice Chung, currently President of the Asia Pacific BU, has
been named Executive Vice President of Business Development, Asia
Pacific. In his new role he will assist the Company through
the transition to the new BU structure and provide leadership on
strategic projects relating to the Company's Asia business
development initiatives.
About TTM
TTM Technologies, Inc. is a major global printed circuit board
manufacturer, focusing on quick-turn and technologically advanced
PCBs, backplane assemblies and Electro-Mechanical Solutions.
TTM stands for time-to-market, representing how TTM'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.ttm.com.
Forward-Looking Statements
This release contains forward-looking statements that relate to
future events or performance. TTM cautions you that such statements
are simply predictions and actual events or results may differ
materially. These statements reflect TTM's current expectations,
and TTM does not undertake to update or revise these forward
looking statements, even if experience or future changes make it
clear that any projected results expressed or implied in this or
other TTM statements will not be realized. Further, these
statements involve risks and uncertainties, many of which are
beyond TTM's control, which could cause actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include, but are not limited to, the successful
integration of Viasystems Group, Inc., including, the Company's
change to a new global operating model, general market and economic
conditions, including interest rates, currency exchange rates and
consumer spending, demand for TTM's products, market pressures on
prices of TTM's products, warranty claims, changes in product mix,
contemplated significant capital expenditures and related financing
requirements, TTM's dependence upon a small number of customers and
other factors set forth in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's public reports filed with the
SEC.
CONTACT: Todd Schull, CFO
714-327-3000
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