TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global
manufacturer of technology solutions including mission systems,
radio frequency (“RF”) components and RF microwave/microelectronic
assemblies, and quick-turn and technologically advanced printed
circuit boards (“PCB”s), officially opened its first manufacturing
plant in Penang, Malaysia with an investment of $200 million
(approximately RM958 million).
Built on 27 acres in Penang Science Park, TTM’s
state-of-the-art facility has highly innovative and automated PCB
manufacturing capabilities. This project is the result of the close
collaboration between TTM and its customers to address the
increasing demand for geographical manufacturing diversity and PCB
supply chain resilience. The plant is customised to support mass
production requirements in various commercial end markets,
including networking, data centre computing, medical, industrial,
and instrumentation.
YAB Tuan Chow Kon Yeow, Chief Minister of Penang
said, “Penang is indeed proud to be the chosen location for TTM to
establish its first large-scale, highly automated, and innovative
PCB manufacturing plant in Southeast Asia, which also signifies the
confidence that foreign investors have placed in Penang. Often
lauded for its well-developed industrial ecosystem, Penang has the
capacities and capabilities to support the needs of industrial
players in next-generation technologies and growth strategies. I am
optimistic that TTM will reap a myriad of benefits from its
operation in Penang, the Silicon Valley of the East.”
The inauguration of TTM’s Penang plant was
marked by the official opening ceremony, presided over by YAB Tuan
Chow Kon Yeow, Chief Minister of Penang; Pn. Najihah Abas,
Executive Director, Investment Promotion of Malaysian Investment
Development Authority (“MIDA”); YBhg. Dato’ Loo Lee Lian, Chief
Executive Officer, InvestPenang; Mr. Thomas Edman, President, and
Chief Executive Officer, TTM Technologies, Inc.; Mr. Philip
Titterton, Executive Vice President and Chief Operating Officer,
TTM Technologies, Inc.; senior government officials; and TTM’s
senior management.
The establishment of TTM’s Penang plant will
facilitate the creation of approximately 1,000 employment
opportunities across various categories for local talent by 2025.
The expansion will generate substantial opportunities for TTM’s
local suppliers and will help cultivate the skills of local
technical talent in cutting-edge PCB technology solutions.
TTM anticipates that the new plant will generate
full run rate revenue of about $180 million (approximately RM855
million) by 2025. Furthermore, the plant is built to support a
Phase 2 expansion that could result in a 25 per cent increase.
Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief
Executive Officer, MIDA emphasised, “It brings me great pleasure to
underscore the significant benefits TTM Technologies' investment
brings to Malaysia's electrical and electronics (“E&E”)
industry, especially within the semiconductor sector. With TTM's
expertise in high-tech solutions and advanced printed circuit
boards, Malaysia is now a critical player in the global
semiconductor supply chain.
The inauguration of TTM's cutting-edge facility
in Penang not only strengthens the growth and resilience of
Malaysia's E&E industry but also elevates our capabilities in
the next generation of PCB manufacturing. This development aligns
seamlessly with the strategic objectives outlined in the New
Industrial Master Plan (“NIMP”) 2030, focusing on bolstering the
semiconductor ecosystem. It opens avenues for skill development and
knowledge sharing among local talents, reinforcing Malaysia's
stature on the global stage as a competitive, technologically
advanced nation.”
Mr. Thomas Edman, President, and Chief Executive
Officer of TTM Technologies, commented, “The opening of our
flagship plant in Penang marks a significant milestone for TTM. We
are thrilled to embark on this expansion plan, with a
state-of-the-art facility that underscores our commitment to
providing our customers with differentiated advanced technology PCB
solutions on a global scale. Today, we are proud to celebrate the
grand opening of TTM’s first large-scale, highly advanced
technology-equipped facility in Southeast Asia. As we step into
this new era of innovation and expansion, we are committed to
elevating industry standards, meeting customer needs, and
propelling TTM’s growth as a new contributor to the Malaysian
economy.”
“Penang’s robust industrial eco-system, position
as the electrical and electronics hub, strong talent pool, and
conducive business environment have made Penang a preferred
location for TTM. Due to the outstanding support of the government
and the efforts of our employees, TTM is now entering our
production ramp only two years after our initial ground-breaking.
As TTM builds our presence in Penang, we eagerly anticipate a
longstanding relationship and mutually rewarding partnership with
the Malaysian government, our customers, and our critical vendors,”
concluded Mr. Edman.
Besides contributing to the industry’s needs,
TTM is strongly committed to protecting its staff, community,
customers, and the environment. To further TTM’s sustainability
efforts, the new facility is configured to minimise energy and
water consumption and will reduce the carbon footprint by 60% when
compared to a traditional PCB plant while still meeting rigorous
environmental operational standards.
About MIDAMIDA is the
government's principal promotion agency under the Ministry of
Investment, Trade and Industry (“MITI”) to oversee and drive
investments into the manufacturing and services sectors in
Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12
regional and 21 overseas offices. MIDA continues to be the
strategic partner to businesses in seizing the opportunities
arising from the technology revolution of this era. For more
information, please visit www.mida.gov.my and follow us on X,
Instagram, Facebook, LinkedIn, Tik Tok, and YouTube channel.
About InvestPenangInvestPenang
is the Penang State Government’s principal agency for the promotion
of investment. Its objectives are to develop and sustain Penang’s
economy by enhancing and continuously supporting business
activities in the State through foreign and local investments,
including spawning viable new growth centers. To realize its
objectives, InvestPenang also runs initiatives like the SMART
Penang Center (providing assistance to SMEs), Penang CAT Center
(for talent attraction and retention), and Global Business Services
(“GBS”) Focus Group (promoting and developing digital economy). For
more information, please visit https://investpenang.gov.my/ and
follow InvestPenang’s social media channels: Facebook;
LinkedIn.
About TTM Technologies, Inc.TTM
Technologies, Inc. is a leading global manufacturer of technology
solutions including mission systems, radio frequency (“RF”)
components/RF microwave/microelectronic assemblies, quick-turn and
technologically advanced printed circuit boards (“PCB”s). 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.
For more information, please
contact,
MIDAMs. Noor Suziyanti
Saad,Director, Electrical & Electronics DivisionsE:
suziyanti@mida.gov.myTel: +603-2267 3575
InvestPenangElaine Cheah /
Arief FerdausCommunication & Business IntelligenceE:
elaine@investpenang.gov.my / arief@investpenang.gov.my T: +604-646
8833
TTM Technologies
Inc.:TTM InvestorsMr. Sameer DesaiVice
President, Corporate Development & Investor RelationsTTM
Technologies, Inc.E: Sameer.desai@ttmtech.comT: +1 714-327-3050
Press InquiriesDr. Winnie
NgVice President, Corporate MarketingTTM Technologies, Inc.E:
Winnie.ng@ttm.comT: +852 2272 2287 / +1 714 327 3000
TTM Technologies (NASDAQ:TTMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
TTM Technologies (NASDAQ:TTMI)
Historical Stock Chart
From Jul 2023 to Jul 2024