TTM Technologies (NASDAQ:TTMI), a California-based firm, is set to expand its operations in DeWitt, central New York, by adding 400 high-tech sector jobs and establishing a $130 million facility. This move comes as part of the company's strategy to strengthen its position in advanced printed circuit board manufacturing, a key component in semiconductor technology and electronic product assembly.
The new facility will be TTM's most sustainable in North America. It is expected to significantly contribute to the microelectronics ecosystem by producing ultra-HDI PCBs that support national security requirements. The project's groundbreaking is anticipated in 2024, with the final scale and timeline contingent on finalizing funding with various stakeholders. The estimated cost for phase one, including campus-wide improvements, ranges between $100 to $130 million.
The expansion is set to leverage the region's skilled workforce, strong educational institutions, and robust aerospace & defense sector. In addition to creating approximately 400 new good-paying manufacturing and engineering jobs, it is also expected to generate an equal number of construction jobs.
Rob Simpson, CenterState CEO President, emphasized the key role these boards play in U.S. military applications and the wider semiconductor market. He also suggested that the progress of the Micron (NASDAQ:MU) project had solidified TTM’s choice of New York over 16 other competing states and strengthened their position for future projects.
The investment will also bolster the Federal Tech Hub designation of Buffalo-Rochester-Syracuse (BRS) and reflect Central New York's workforce capabilities. Catherine Gridley and Phil Titterton of TTM’s Aerospace & Defense Sector stated that this investment would strengthen the national microelectronic supply chain.
Governor Hochul and Majority Leader Schumer applauded TTM’s plans and Micron’s historic investment in the Town of Clay, emphasizing how these developments are boosting New York’s reputation as a leader for growth, innovation, and national security. Schumer referenced his CHIPS & Science Act, envisioning all components of this revolutionary technology supply chain being stamped 'Made in New York'. Onondaga County was recognized as a leader in the rapidly growing smart systems sector, poised to become the heart of America’s semiconductors superhighway.
InvestingPro Insights
As TTM Technologies embarks on this exciting expansion, InvestingPro provides valuable insights on the company's financial health and market performance.
Data from InvestingPro reveals that TTM Technologies has a market capitalization of $1.46 billion. The company has seen a significant return over the last week, with a 21.7% increase in price total return. Despite a negative P/E ratio indicative of a lack of profitability in the last twelve months, the company's liquid assets exceed its short-term obligations, suggesting a solid financial footing.
InvestingPro Tips highlight that TTM's high shareholder yield is a positive sign for investors. Additionally, three analysts have revised their earnings upwards for the upcoming period, indicating an optimistic outlook for the company's future performance. On the other hand, analysts anticipate a sales decline in the current year, which could potentially impact the company's growth.
InvestingPro offers a wealth of additional tips and data for those interested in a deeper understanding of TTM Technologies and other companies. For instance, there are over five more InvestingPro Tips specifically related to TTM Technologies that could further inform investment decisions.
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