TTM Technologies

{{Short description|American printed circuit board manufacturer}}

{{Use mdy dates|date=August 2024}}{{Infobox company

| name = TTM Technologies, Inc.

| logo = TTM Technologies logo.png

| type = Public

| traded_as = {{ubl|{{NASDAQ|TTMI}}|S&P 600 component}}

| founded = {{Start date and age|1998}} in Redmond, Washington, U.S.

| founder = Kent Alder

| hq_location = Santa Ana, California, U.S.

| key_people = Tom Edman (president and CEO)
Phil Titterton (COO){{Cite website |last= |first= |date= |title=About TTM: Corporate Structure |url=https://www.ttm.com/index.php/en/about-ttm/corporate-structure |access-date=2024-08-29 |publisher=TTM Technologies}}

| industry = Electronics

| products = Printed circuit boards
RF components

| revenue = {{loss}} {{US$|2.23 billion|link=yes}} (2023)

| operating_income = {{loss}} US$42.3 million (2023)

| net_income = {{nowrap|{{loss}} US$–18.7 million (2023)}}

| num_employees = 15,800 (2023){{Cite website |last= |first= |date=2024-02-27 |title=Form 10-K: Annual report pursuant to Section 13 and 15(d) |url=https://investors.ttm.com/sec-filings/all-sec-filings/content/0000950170-24-021098/ttmi-20240101.htm |access-date=2024-08-29 |author=TTM Technologies}}

| parent =

| divisions =

| subsid =

| website = {{url|ttm.com}}

| footnotes =

}}

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.

History

TTM Technologies, Inc. was founded in 1998 by Kent Alder in Redmond, Washington,{{Cite web |date=2000-09-20 |title=TTM Tech IPO exceeds price expectations |url=https://money.cnn.com/2000/09/20/deals/ipo_pricing/ |access-date=2024-08-29 |website=CNN Money}} via an acquisition of Pacific Circuits, Inc., and moved to Santa Ana, California, in 1999, after acquiring Power Circuits, Inc.{{Cite web |last=Casacchia |first=Chris |date=2017-04-10 |title=TTM’s View From the Top |url=https://www.ocbj.com/news/weekly-news/ttms-view-top/ |access-date=2024-08-29 |website=Orange County Business Journal}} 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.{{Cite web |date=2013-10-30 |title=TTM Technologies, Inc. Announces the Retirement of Kent Alder and Names Thomas T. Edman as Its Next Chief Executive Officer |url=https://investors.ttm.com/news-events/press-releases/detail/159/ttm-technologies-inc-announces-the-retirement-of-kent |access-date=2024-08-30 |publisher=TTM Technologies}}{{Cite web |last=Opsahl |first=Kevin |date=2013-10-22 |title=Logan company has grown to world's 6th-largest maker of circuit boards |url=https://www.hjnews.com/allaccess/logan-company-has-grown-to-worlds-6th-largest-maker-of-circuit-boards/article_4ccbf264-3b57-11e3-8816-001a4bcf887a.html |access-date=2024-08-30 |website=The Herald Journal |language=en}}{{Cite web |last=Tolkoff |first=Sarah |date=2011-02-26 |title=Corner Offices: Inside TTM |url=https://www.ocbj.com/manufacturing/corner-offices-inside-ttm/ |access-date=2024-08-30 |website=Orange County Business Journal |language=en-US}}

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. In 2000, the company made its initial public offering (IPO) on the Nasdaq stock exchange. In 2002, TTM acquired Honeywell Advanced Circuits, Inc. for US$2 million, gaining a {{convert|281,000|sqft|m2|adj=on}} factory in Chippewa Falls, Wisconsin (the largest PCB manufacturing facility in the country) and adding customers including Cisco, Sun Microsystems, and IBM. 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.

In 2010, TTM acquired the Hong Kong–headquartered{{Cite news |last=Phadke |first=Manasi |last2=Tilak |first2=S. John |date=2009-11-16 |title=TTM to buy Meadville's PCB business for $521 mln |url=https://www.reuters.com/article/business/ttm-to-buy-meadville-s-pcb-business-for-521-mln-idUSBNG417242/ |access-date=2024-08-29 |work=Reuters}} 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. 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.{{Cite web |last=Novak |first=Bridgett |date=2018-10-22 |title=Printed Circuit Boards: Here, There, and Everywhere |url=https://profilemagazine.com/2018/printed-circuit-boards-dan-weber-ttm-technologies/ |access-date=2024-08-29 |website=Profile Magazine}} 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.{{Cite web |last=Casacchia |first=Chris |date=2017-12-04 |title=TTM in $775M Deal for NY Manufacturer |url=https://www.ocbj.com/manufacturing/ttm-775m-deal-ny-manufacturer/ |access-date=2024-08-30 |website=Orange County Business Journal}}

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.{{Cite news |last=Staff |date=2019-06-13 |title=i3 Electronics announces plans to sell its printed circuit board division |url=https://www.binghamtonhomepage.com/news/i3-electronics-announces-plans-to-sell-its-printed-circuit-board-division/ |access-date=2024-08-29 |work=Binghamton Homepage}} In 2020, TTM sold its mobile device business unit, comprising four facilities in China, to AKM Meadville Electronics (Xiamen) Co., Ltd., for $550 million.{{Cite web |last=Dahlgren |first=Dennis |date=2020-01-23 |title=TTM Technologies to sell four China manufacturing plants |url=https://evertiq.com/news/47603 |access-date=2024-08-30 |website=Evertiq}} Also in 2020, TTM closed down its commercial assembly business unit, comprising three facilities in China.{{Cite web |last=Lucke |first=Lisa |date=2020-04-30 |title=TTM Technologies to reconfigure operations in China |url=https://evertiq.com/news/48177 |access-date=2024-08-30 |website=Evertiq}} In 2022, TTM acquired Telephonics Corporation from Griffon Corporation for $330 million, further expanding its operations in aerospace and defense.{{Cite web |last=Wilkers |first=Ross |date=2022-04-19 |title=TTM Technologies to pay $330M for Telephonics |url=https://www.washingtontechnology.com/companies/2022/04/ttm-technologies-pay-330m-telephonics/365819/ |access-date=2024-08-30 |website=Washington Technology}}

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%). 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. As of 2017, TTM was also the largest supplier of PCBs to the U.S. military, primarily as a subcontractor. 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.{{Cite website |last= |first= |date=2021-02-22 |title=Form 10-K: Annual report pursuant to Section 13 and 15(d) |url=https://investors.ttm.com/sec-filings/all-sec-filings/content/0001564590-21-007045/ttmi-10k_20201228.htm |access-date=2024-08-29 |author=TTM Technologies}} In 2015, the company's five largest customers were Apple, Cisco, Huawei, Juniper Networks, and Bosch,{{Cite website |last= |first= |date=2016-02-25 |title=Form 10-K: Annual report pursuant to Section 13 and 15(d) |url=https://investors.ttm.com/sec-filings/all-sec-filings/content/0001193125-16-476374/d97109d10k.htm |access-date=2024-08-29 |author=TTM Technologies}} and in 2010 they were Apple, Cisco, Ericsson, Huawei, and IBM.{{Cite website |last= |first= |date=2011-03-15 |title=Form 10-K: Annual report pursuant to Section 13 and 15(d) |url=https://investors.ttm.com/sec-filings/all-sec-filings/content/0000950123-11-025582/p18720e10vk.htm |access-date=2024-08-29 |author=TTM Technologies}}