TTM Technologies, Inc.
TTMI, a major global printed circuit board (PCB) manufacturer, today
announced that it has signed definitive agreements with its minority partner,
Shengyi Technology Co. Ltd. (Sytech) (Shanghai: 600183:CH), to sell TTM's 70.2
percent equity interest in the SYE plant to Sytech and to acquire Sytech's 20
percent equity interest in the DMC plant. TTM announced it signed a letter of
intent for the transaction in February 2013. Both the SYE and DMC plants
primarily manufacture conventional PCBs and are located in Dongguan, China.
The transaction is expected to close by the end of the second quarter of 2013,
subject to certain closing conditions between the parties and regulatory
approvals. TTM anticipates the transaction will generate approximately $84
million net for TTM, and expects to use about $40 million of the proceeds to
repay an intercompany loan to SYE. The negotiated purchase prices valued SYE
at 1 billion RMB (approximately $161 million USD) and DMC at 900 million RMB
(approximately $145 million USD).
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in