Santa Ana-based printed circuit board maker TTM Technologies Inc. (Nasdaq: TTMI) will be closing its manufacturing plant in Anaheim sometime around the end of this year, meaning job losses for about 150 workers, company officials say.
Approximately 230 people work at the 96,000-square-foot site, and up to 80 of them will be transferred to new positions elsewhere within the company, Corporate Marketing Manager Terra Sisombath told the Business Journal on Feb. 17.
TTM Technologies, led by CEO and President Thomas Edman, manufactures other electronics products in addition to printed circuit boards. The boards hold the circuitry and components in many electronics products.
It owned nearly 1.4 million square feet of space in the U.S. as of last year, and leased another 411,000 square feet domestically, including its 14,500-square-foot Santa Ana offices, according to TTM’s 2022 annual report.
Outside the U.S., its real estate presence runs another 5.1 million square feet, most of which it owns.Â
A predecessor company of TTM paid $7.5 million for the Anaheim building at 3140 E. Coronado St. in 2012, according to CoStar Group Inc. records.
The building, on a 5-acre site a few blocks north of the Riverside (91) Freeway, near Kraemer Boulevard, is not yet listed for sale or lease, records indicate.
$1.4B Valuation
TTM was valued around $1.4 billion as of Feb. 21 with its shares up about 12% over the last year.
The company said it plans to close printed circuit board manufacturing sites in Santa Clara and Hong Kong in addition to Anaheim “to improve total plant utilization, operational performance, customer focus and profitability.” The company had about 16,100 employees globally at the start of last year.
TTM expects a total reduction of approximately 750 employees—about 5% of its global workforce—as a result of the moves.
“We anticipate that the Hong Kong facility will conclude operations by the end of June 2023, and that Anaheim and Santa Clara will operate through the end of 2023,” the company said in a statement.
Aerospace Strength
Looking to TTM’s business prospects for the rest of the year, Sisombath said the defense and aerospace segments of the business show “very strong demand.”
“The commercial sectors are a bit uncertain,” Sisombath said.
TTM earlier 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.”
Limited Impact
Mike Lyster, the Anaheim city spokesman, said the overall impact from the plant closing there will be “limited.”
“We thank them for their investment and time in Anaheim and wish those impacted by the closure luck in this transition,” he told the Business Journal.
“Anaheim Canyon is home to more than 30,000 jobs and more than a dozen circuit board and electronics companies,” according to Lyster.
“We expect to see TTM’s site serve a new business or businesses in the months ahead.”
