TTM Technologies signs letter of intent for SYE and DMC plants TTM Technologies announced that it has signed a letter of intent with its minority partner, Shengyi Technology Co. Ltd., to dispose of TTM's 70.2% equity interest in the SYE plant and to acquire Sytech's 20% equity interest in the DMC plant. Both the SYE and DMC plants manufacture conventional PCBs and are located in Dongguan, China. Subject to conclusion of a formal sale and purchase agreement between the parties, the transaction is expected to close by the end of the second quarter of 2013. A condition for closing is that the parties value all of SYE at 1B RMB (about $161M) and all of DMC at 900M RMB (about $145M).
TTM Technologies backs Q3 EPS view of 14c-20c, consensus 17c Backs Q3 revenue view $640M-$680M, consensus $661.74M. The company's consolidation actions will have no impact on TTM's non-GAAP third quarter 2015 results. Today's actions are expected to yield annual cost savings of approximately $16.5M and the company believes it remains on track to achieve its annualized synergy goal of at least $55M associated with the integration of Viasystems.