Printed circuit board maker TTM Technologies Inc. (Nasdaq: TTMI) said it plans to close manufacturing sites in Anaheim and two other cities
Shares in the Santa Ana-based company fell 12% to $13.85 apiece for a market cap of $1.4 billion today as the company yesterday forecast first-quarter sales will be in the range of $550 million to $590 million, below the average analyst estimate of $639.5 million.
It reported “a reduction in bookings in our commercial end markets due to inventory reductions, weaker end market demand and production inefficiencies in our Asia Pacific manufacturing facilities due to Chinese New Year.”
TTM Technologies, led by president and CEO Thomas Edman, manufactures engineered systems, radio frequency (“RF”) components and RF microwave/microelectronic assemblies and printed circuit boards.
The company also said it is closing printed circuit board manufacturing in Santa Clara and Hong Kong in addition to Anaheim “to improve total plant utilization, operational performance, customer focus and profitability.”
TTM expects to close these three sites over the course of this year and, where appropriate, transfer employees to other facilities nearby. The company expects a total reduction of approximately 750 employees, which is approximately 5% of the global workforce.