TTM Technologies Inc TTMI:NASDAQ

Last Price$10.54NASDAQ Closing Price as of 3:59PM ET 4/07/20
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Today's Change+0.03(0.29%)
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Day Low / High$10.42 - 11.08
Volume2.1 M

TTM Technologies to Sell Chinese Manufacturing Plants for $550 Million

6:29AM ET 1/23/2020 MT Newswires
TTM Technologies (TTMI) said Wednesday that it signed a definitive deal to sell manufacturing plants in China that comprise substantially all of the assets of its mobility business unit to Chinese consortium AKMMeadville Electronics (Xiamen) for $550 million in cash.

The sale will not include certain accounts receivable, estimated at $110 million, from the mobility business.

According to TTM, the sale will reduce its Chinese manufacturing footprint and exposure to the seasonal and cyclical cellular market. The transaction is also in line with the company's strategy of focusing on growth markets such as aerospace and defense, automotive, medical, industrial, instrumentation, and networking and communications.

TTM said the sale is expected to close in four to six months, subject to regulatory approvals for transactions in China.

Price: 15.22, Change: -0.19, Percent Change: -1.23