TTM Technologies Inc., Costa Mesa CA, and Viasystems Group Inc., St. Louis MO, have reached a definitive agreement under which TTM will acquire all outstanding shares of Viasystems.
The move creates a combined company that becomes one of the world’s leading printed circuit board (pcb) manufacturers with a strong position in the automotive, aerospace and defense, medical, industrial and instrumentation, cellular phone and networking/telecom end markets. The combined company will have approximately 30,000 employees and 28 manufacturing facilities worldwide.
“Both TTM and Viasystems have pursued successful strategies over the years, and we are excited to bring these two companies together,” says Tom Edman, CEO of TTM. “This combination creates an industry leader with the ability to deliver expanded capabilities from a broad global footprint to service more customers and end markets. In one step, we will accelerate our strategy to diversify our business and also reduce the impact of seasonality inherent in the cellular phone end market. We believe that the combination will result in significant synergies created by expanded capabilities and economies of scale that will benefit the customers, employees and shareholders of both companies.”
“This is a compelling strategic combination that makes for an exciting new chapter for Viasystems,” adds David Sindelar, CEO of Viasystems. “The combination of these two companies will create one of the best management teams in the industry. I believe this combination is an excellent opportunity to realize value for our shareholders and creates new opportunities for our customers and employees.”
