TTM Technologies

Last updated

TTM Technologies, Inc.
Company type Public
Industry Electronics
Founded1998;26 years ago (1998) in Redmond, Washington, U.S.
FounderKent Alder
Headquarters Santa Ana, California, U.S.
Key people
Tom Edman (president and CEO)
Phil Titterton (COO) [1]
Products Printed circuit boards
RF components
RevenueDecrease2.svg US$2.23 billion (2023) [2]
Decrease2.svg US$42.3 million (2023) [2]
Decrease2.svg US$–18.7 million (2023) [2]
Number of employees
15,800 (2023) [2]
Website ttm.com

TTM Technologies, Inc. is an American printed circuit board (PCB) manufacturer headquartered in Santa Ana, California. Founded in 1998, the company is one of the top five PCB manufacturers in the world and the largest in North America, and the largest supplier of PCBs to the U.S. military. TTM serves customers in industries including aerospace and defense, medical, industrial, automotive, computing, and networking.

Contents

History

TTM Technologies, Inc. was founded in 1998 by Kent Alder in Redmond, Washington, [3] via an acquisition of Pacific Circuits, Inc., and moved to Santa Ana, California, in 1999, after acquiring Power Circuits, Inc. [4] Alder was previously the president of Lundahl Astro Circuits, Inc. in Logan, Utah, from 1987, and president and CEO of its successor ElectroStar, Inc. from 1994. After ElectroStar was acquired by the Tyco Printed Circuit Group in 1996, Alder served as that company's vice president before departing to found TTM. [5] [6] [7]

TTM's original business was manufacturing printed circuit boards (PCBs) used in routers, switches, servers and memory modules, and its customers included General Electric, Motorola, and Solectron. [3] In 2000, the company made its initial public offering (IPO) on the Nasdaq stock exchange. [3] In 2002, TTM acquired Honeywell Advanced Circuits, Inc. for US$2 million, gaining a 281,000-square-foot (26,100 m2) factory in Chippewa Falls, Wisconsin (the largest PCB manufacturing facility in the country) and adding customers including Cisco, Sun Microsystems, and IBM. [4] In 2006, TTM acquired the Tyco Printed Circuit Group for $226 million, expanding its business to specialized PCBs geared to the aerospace and defense sectors. [4]

In 2010, TTM acquired the Hong Kong–headquartered [8] Meadville Printed Circuit Group for $521 million, which expanded the company's footprint in Asia and extended its business to PCBs used in smartphones and tablets. In 2013, Tom Edman succeeded Alder as president of TTM, and in 2014 also succeeded him as CEO on Alder's retirement. [5] In 2015, the company acquired Viasystems Group, Inc. for $950 million, marking its entry into the automotive industry and further expanding its presence in aerospace and defense. [4] [9] In 2018, TTM acquired Anaren, Inc. for $775 million, expanding to high-frequency radio and microwave microelectronics used in the space, defense, and telecommunications industries. [10]

In 2019, TTM acquired intellectual property assets from i3 Electronics, Inc., citing a particular interest in i3's technology enabling very fine printed lines and spacing down to 25 microns. [11] In 2020, TTM sold its mobile device business unit, comprising four facilities in China, to AKM Meadville Electronics (Xiamen) Co., Ltd., for $550 million. [12] Also in 2020, TTM closed down its commercial assembly business unit, comprising three facilities in China. [13] In 2022, TTM acquired Telephonics Corporation from Griffon Corporation for $330 million, further expanding its operations in aerospace and defense. [14]

Operations

TTM Technologies manufactures PCBs and radio-frequency and specialty (RF&S) components for industries including aerospace and defense (45% of revenue in 2023); medical and industrial (17%); automotive (16%); data center computing (14%); and networking (8%). [2] The company is one of the world's top five PCB manufacturers by revenue ($2.23 billion in 2023), and the largest PCB manufacturer in North America. [4] As of 2017, TTM was also the largest supplier of PCBs to the U.S. military, primarily as a subcontractor. [4] In 2020, TTM had about 1,600 customers, and its five largest original equipment manufacturer customers (not in order) were Huawei, Lockheed Martin, Northrop Grumman, Raytheon, and Bosch. [15] In 2015, the company's five largest customers were Apple, Cisco, Huawei, Juniper Networks, and Bosch, [16] and in 2010 they were Apple, Cisco, Ericsson, Huawei, and IBM. [17]

As of 2023, the company employs about 15,800 people and operates 24 manufacturing facilities across North America and Asia. Its PCB facilities in the United States are located in Chippewa Falls, Wisconsin; Elizabeth City, North Carolina; Farmingdale, New York; Forest Grove, Oregon; Huntington, New York; Littleton, Colorado; Logan, Utah; North Jackson, Ohio; Salem, New Hampshire; San Diego, California; San Jose, California; Santa Ana, California; Stafford, Connecticut; Stafford Springs, Connecticut; Sterling, Virginia; and Syracuse, New York, and its foreign facilities are in Toronto, Canada; Penang, Malaysia; and Dongguan, Guangzhou, Huiyang, and Zhongshan, China. It operates two RF&S facilities in Syracuse, New York, and Suzhou, China. [2]

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References

  1. ↑ "About TTM: Corporate Structure". TTM Technologies. Retrieved August 29, 2024.
  2. 1 2 3 4 5 6 TTM Technologies (February 27, 2024). "Form 10-K: Annual report pursuant to Section 13 and 15(d)" . Retrieved August 29, 2024.
  3. 1 2 3 "TTM Tech IPO exceeds price expectations". CNN Money. September 20, 2000. Retrieved August 29, 2024.
  4. 1 2 3 4 5 6 Casacchia, Chris (April 10, 2017). "TTM's View From the Top". Orange County Business Journal. Retrieved August 29, 2024.
  5. 1 2 "TTM Technologies, Inc. Announces the Retirement of Kent Alder and Names Thomas T. Edman as Its Next Chief Executive Officer". TTM Technologies. October 30, 2013. Retrieved August 30, 2024.
  6. ↑ Opsahl, Kevin (October 22, 2013). "Logan company has grown to world's 6th-largest maker of circuit boards". The Herald Journal. Retrieved August 30, 2024.
  7. ↑ Tolkoff, Sarah (February 26, 2011). "Corner Offices: Inside TTM". Orange County Business Journal. Retrieved August 30, 2024.
  8. ↑ Phadke, Manasi; Tilak, S. John (November 16, 2009). "TTM to buy Meadville's PCB business for $521 mln". Reuters. Retrieved August 29, 2024.
  9. ↑ Novak, Bridgett (October 22, 2018). "Printed Circuit Boards: Here, There, and Everywhere". Profile Magazine. Retrieved August 29, 2024.
  10. ↑ Casacchia, Chris (December 4, 2017). "TTM in $775M Deal for NY Manufacturer". Orange County Business Journal. Retrieved August 30, 2024.
  11. ↑ Staff (June 13, 2019). "i3 Electronics announces plans to sell its printed circuit board division". Binghamton Homepage. Retrieved August 29, 2024.
  12. ↑ Dahlgren, Dennis (January 23, 2020). "TTM Technologies to sell four China manufacturing plants". Evertiq. Retrieved August 30, 2024.
  13. ↑ Lucke, Lisa (April 30, 2020). "TTM Technologies to reconfigure operations in China". Evertiq. Retrieved August 30, 2024.
  14. ↑ Wilkers, Ross (April 19, 2022). "TTM Technologies to pay $330M for Telephonics". Washington Technology. Retrieved August 30, 2024.
  15. ↑ TTM Technologies (February 22, 2021). "Form 10-K: Annual report pursuant to Section 13 and 15(d)" . Retrieved August 29, 2024.
  16. ↑ TTM Technologies (February 25, 2016). "Form 10-K: Annual report pursuant to Section 13 and 15(d)" . Retrieved August 29, 2024.
  17. ↑ TTM Technologies (March 15, 2011). "Form 10-K: Annual report pursuant to Section 13 and 15(d)" . Retrieved August 29, 2024.
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