Santa Ana’s TTM Technologies Inc., a contract electronics maker, recently agreed to buy the printed circuit board business of Hong Kong-based Meadville Holdings Ltd. for $521 million.
The cash and stock deal is expected to close during the first quarter.
Investors jumped on an ambitious statement by TTM that said the deal would more than double sales and “create one of the largest printed circuit board manufacturers in the world.”
TTM, on its own, saw 2008 sales of about $600 million.
For the 12 months through June, Meadville’s printed circuit board business saw revenue of around $641 million.
“The combined scale, complementary product capabilities and market breadth of these two great companies will create significant competitive advantages,” TTM Chief Executive Kent Alder said in a statement.
Meadville makes circuit boards that go into networking devices, cell phones, computers and other consumer electronics. It has seven factories in China and one in Hong Kong.
Adviser to Startup
Former Jazz Technologies Inc. chief executive and technology veteran Gil Amelio landed an advisory post at Newport Beach startup InteliCloud Inc.
InteliCloud makes what it calls a “network in a box,” which helps telecommunications companies and others save space and power.
In April, the company closed an initial round of venture funding from Aliso Viejo-based Media One Direct LLC.
InteliCloud said at the time it planned to use the funds to hire some 20 workers.
Amelio is set to help InteliCloud take its products to market.
He continues to be involved with Sausalito-based Sienna Ventures, a venture capital firm with some $150 million in its coffers.
Broadcom Foundation
The Broadcom Foundation, the giving arm of Irvine’s Broadcom Corp. that was started earlier this year, recently hired a director.
Broadcom tapped Paula Golden as director of community affairs and director of the chipmaker’s foundation.
Before Broadcom, Golden had stints at the X-Prize Foundation, which awards $10 million or more to people who achieve major technolog-ical breakthroughs that can benefit humanity, and headed Saint John’s Health Center Foundation.
She was also senior counsel at Los Angeles-based Gary Phillips & Associates, a management consulting firm specializing in organizational planning, financial planning and fundraising counsel for not-for-profits.
The Broadcom Foundation is expected to give some $2 million per year to programs in communities where Broadcom’s employees live and work.
“The foundation’s main emphasis will be on supporting math and science initiatives for students who could be the engineers of the future,” Chief Executive Scott McGregor said recently at an Orange County Forum event at the Hilton in Irvine. “That’s our lifeblood and our source of creativity going forward.”
Broadcom sponsored tables so local high school students could attend the event.
The $50 million foundation is set to begin making grants during the first half of next year.
Symwave Hire
Laguna Niguel-based chip startup Symwave Inc. hired yet another executive away from Irvine-based Broadcom.
Symwave snagged Adam Spice to be its finance chief.
At Broadcom, Spice was the vice president of finance and corporate development and reported to Finance Chief Eric Brandt.
Spice helped structure some 40 deals and investments worth $6 billion and managed the chipmaker’s corporate finance operations related to its business units.
He spent a bit more than nine years at Broadcom in other roles, including as treasurer.
Chief Executive Yossi Cohen left an executive post at Broadcom about two years ago to run Symwave. He moved the company’s headquarters from San Diego to Laguna Niguel.
Spice reported to Cohen as general manager of Broadcom’s power management unit.
Prior to Broadcom, Spice had finance and development roles at Intel Corp.
At Symwave, Spice is going to “wear lots of different hats,” he said.
“Yossi looks to me to have responsibility for the day-to-day financial management of the company,” he said. “I’ll also do the strategic elements of being Yossi’s right-hand man and seeing if we are investing in the right places and looking at other ways to grow the business.”
Symwave has roughly 10 former Broadcom workers, most of them former colleagues of Cohen, as part of its crew.
“I’ve stopped counting,” Cohen said. “It’s like we’re getting the band back together. It’s a lot of fun.”
Symwave has been busy staffing up its executive suite as it begins to ramp up chip production.
The startup currently is looking for a vice president of sales.
Symwave makes chips for the next generation of universal serial bus ports, or USB ports, which connect consumer electronics to computers.
