TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”) announced that we
have selected New York State as the location for a proposed new
greenfield high-tech manufacturing facility. We began with an
assessment of the entire contiguous United States, looking at all
counties. That broad assessment was then narrowed to 27 markets in
16 states, and ultimately resulted in the selection of New York
State after a rigorous competitive process that included 10 states.
The selection of New York builds upon TTM’s long history as an
industry partner in the State of New York, with 90 years of history
on Long Island, and 56 years in Syracuse.
The planned investment aligns with New York State’s continued
emphasis as a premier technology hub for U.S. electronics and the
recent selection of Buffalo-Rochester-Syracuse (BRS) for the
Federal Tech Hub designation. Central New York is well recognized
for its highly skilled workforce, educational institutions, and a
strong base of aerospace & defense companies, all elements
contributing to TTM’s selection. TTM’s investment in this project
will bring an estimated 400 good-paying manufacturing and
engineering jobs to Central New York and will support an equal
number of additional construction jobs during the development and
construction of the facility.
The project reflects our support for cultivating an even
stronger microelectronics ecosystem in New York and across the US
Aerospace & Defense industrial base. The proposed facility will
be a key contributor to the domestic microelectronics ecosystem,
with a footprint planned to be adjacent to and at least as large or
larger than the existing 160,000 square-foot RF/microwave and
microelectronics facility in Syracuse, an integral part of the NYS
microelectronics ecosystem since 1967.
It is expected that the proposed facility will bring disruptive
capability for the domestic production of ultra-HDI (high density
interconnect) PCBs in support of national security requirements. It
is expected to be the highest-technology PCB manufacturing facility
in North America, providing customers with reduced lead times and a
significant increase in domestic capacity for ultra-HDI PCBs. In
addition, this facility will be TTM’s most sustainable facility in
North America.
Catherine Gridley, Executive Vice President and President of
TTM’s Aerospace & Defense Sector, proudly stated, “We expect
the investment and standup of this capability to be another step
toward creating a secure, trusted, and resilient national
microelectronic supply chain. Selecting Central New York for this
proposed high-tech facility further demonstrates TTM’s support for
New York State and the NY SMART-I Corridor, and continues to
solidify TTM and Central New York’s place as a leader in
microelectronics.”
Phil Titterton, Executive Vice President and Chief Operating
Officer, commented, “Our selection of Syracuse for this new
facility is not only a reflection of New York State, it is also a
reflection of the talented men and women TTM currently employs in
Central New York. Our workforce looks forward to welcoming talented
new TTM’ers into the exciting new jobs we intend to create with
this campus expansion.”
TTM is in the advanced stages of project planning, having
identified the 24-acre property adjacent to its existing facility
in Syracuse for the campus expansion. We have completed initial
building designs and facility layout, and are now applying for the
required permitting. The increase in campus size will also allow
for additional capacity expansion already being considered for
future phases of development.
Groundbreaking is anticipated in the first half of 2024, with
the project's final scale, scope, and timeline subject to
finalizing funding with various stakeholders. Phase one of the
proposed project, including capital for campus-wide improvements is
estimated to be $100 to $130 million, and is anticipated to run
through 2026. TTM’s planned capital investment commitments will be
determined after finalizing terms with various stakeholders.
“From Micron’s historic investment in the Town of Clay to TTM’s
plans for a PCB plant in Syracuse, a global chip making hub is
rising in Central New York,” Governor Hochul said, “TTM’s printed
circuit boards sit at the cutting edge of chips technology, and
thanks to New York’s robust chips ecosystem, partnerships with the
Majority Leader and other stakeholders, and a bold commitment from
the state, TTM is ready to join our thriving chips sector and bring
an estimated 400 good-paying jobs Upstate. Companies like TTM are
helping to strengthen New York’s reputation as a leader for growth,
innovation, and national security, and I look forward to welcoming
even more 21st-century businesses to our state as we continue to
build the economy of tomorrow.”
“Syracuse will be the heart of America’s semiconductor
superhighway, and just one week after winning an exclusive federal
Tech Hub designation, and I am thrilled to announce that TTM will
soon supercharge Onondaga County with an estimated 400 new
good-paying jobs. With each week, it becomes clearer that the
future of semiconductor manufacturing will be in Syracuse and
Upstate NY,” Majority Leader Schumer said. “When I wrote my CHIPS
& Science Act, I did so with the vision that all the components
of the supply chain for this revolutionary technology would be
stamped 'Made in New York,' and with TTM making their East Syracuse
expansion one of the first in the nation to manufacture these
advanced circuit boards, that vision is one step closer to becoming
a reality. Earlier this year, I personally called TTM’s CEO to make
the case that Upstate New York is the next frontier for tech
manufacturing and the perfect place to grow their business, and I’m
glad they heeded my call. I applaud TTM for this major investment
and thank Governor Hochul and local leaders for their partnership
in helping secure this investment and further positioning Upstate
NY as a leader for America’s critical microelectronics supply
chains that power everything from data centers to the power grid to
aerospace engineering.”
"The selection of Onondaga County by TTM Technologies for their
new greenfield high-tech manufacturing facility and the hundreds of
new jobs it will create, serves as further validation that Onondaga
County is the leader in this exciting and rapidly growing
industry." McMahon continued, "Just as important, it is
further proof that the partnerships and collaboration we have built
over the last 4 years continue to produce real results for the
people of Onondaga County. Thank you to everyone who made this
historic investment possible and I remain as optimistic as ever
about the future of Onondaga County."
CenterState CEO President and CEO Robert Simpson said, “TTM's
investment is another critical validation of this region’s
leadership in the smart systems sector. Manufacturing complex high
density printed circuit boards in Central New York adds to a
growing and robust supply chain ecosystem that includes everything
from semiconductor chips to finished microelectronics. This
investment is also a successful example of reshoring critical
national security supply chain elements right here in Central New
York. This community has demonstrated that by working together, we
can continue to realize a greater level of economic competitiveness
and prosperity and recapture our position as a globally relevant
research and manufacturing center.”
About TTMTTM Technologies, Inc. is a leading
global manufacturer of technology solutions including mission
systems, RF components/RF microwave/microelectronic assemblies,
quick-turn and technologically advanced PCBs. TTM stands for
time-to-market, representing how TTM's time-critical, one-stop
manufacturing services enable customers to shorten the time
required to develop new products and bring them to market.
Additional information can be found at www.ttm.com.
Forward-Looking Statements This release
contains forward-looking statements that relate to future events or
performance. TTM cautions you that such statements are simply
predictions and actual events or results may differ materially.
These statements reflect TTM's current expectations, and TTM does
not undertake to update or revise these forward looking statements,
even if experience or future changes make it clear that any
projected results expressed or implied in this or other TTM
statements will not be realized. Further, these statements involve
risks and uncertainties, many of which are beyond TTM's control,
which could cause actual results to differ materially from the
forward-looking statements. For a description of additional factors
that may cause TTM’s actual results, performance or expectations to
differ from any forward-looking statements, please review the
information set forth in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of TTM’s public reports filed with the
SEC.
Contacts:
TTM InvestorsSameer Desai,Vice President,
Corporate Development & Investor
RelationsSameer.desai@ttmtech.com714-327-3050
Press InquiriesBrandi BillietManager, Marketing
& Communications, Aerospace & Defense Sector TTM
Technologies, Inc.Brandi.billiet@ttmtech.com715-497-5442
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