Tyco International Ltd. has entered into a definitive agreement on Thursday to sell its Tyco Printed Circuit Group (TPCG) business to TTM Technologies Inc. for $226 million cash.
TPCG builds printed circuit boards (PCB) for the military, aerospace and commercial markets. It plans to integrate the TPCG group into its existing PCB operations, serving its existing customers as well as Tyco's old ones.
The acquisition of Tyco Printed Circuit Group makes us a leader in the attractive military/aerospace sector of the PCB industry, stated Kent Alder, President and CEO of TTM Technologies.
Together, we have a more diversified customer base, broader end-market exposure, and expanded capabilities to service customers.
The deal makes the combination the largest PCB manufacturer in North America, Alder continues. He expects the partnership to bring in sales in excess of $650 million.
TPCG has eight manufacturing facilities in the U.S. and one in China. The most recent filing indicates the company has 2000 employees with $383 million in revenue last year.
Santa Ana, Calif.-based TTM Technologies builds advanced pc boards to OEMs and electronics manufacturing services companies.
The transaction is expected to close in Fall 2006.