Nasdaq Listed PCB Manufacturer TTM, Investing RM550 Million For New Plant In Penang

TTM Technologies, Inc. a leading U.S.-based global manufacturer of printed circuit board, radio frequency (RF) components and RF microwave/microelectronic assemblies, is looking to invest USD130 million (approximately RM550 million) for its new plant in Penang through 2025.

TTM’s expansion to Penang is a direct response to customer requirements for advanced technology PCB supply chain resiliency and diversification in regions beyond China. The manufacturer selected Penang as the location for this new plant after an extensive review of multiple countries with careful consideration of investment and operating costs, customer proximity, and supply chain support. The island was also attractive due to its well-established electrical and electronics (E&E) industry ecosystem. The new plant will serve TTM’s global commercial markets including networking communications, data center computing, and medical, industrial, and instrumentation.

This state-of-the-art, highly automated plant will be built upon approximately 27 acres of industrial land at Penang Science Park. Construction is expected to take 12 to 15 months followed by equipment installations in mid-2023. Pilot production is targeted to begin in the second half of 2023, with volume production commencing in 2024 and gradually ramping up to full Phase 1 capacity in 2025. It expects the new plant to achieve full run-rate revenue of approximately USD180 million (approximately RM761.5 million) in 2025. The factory has also been planned to support a 25 percent upside Phase 2 expansion.

Ms. Lim Bee Vian, Deputy Chief Executive Officer (DCEO), Investment Development, of MIDA remarked, “We anticipate that TTM Technologies’ project will have a ripple effect on job creation and develop our local supply chain capabilities to meet the rapidly changing requirements of our E&E industry segments while encouraging innovation in emerging fields. We believe that this groundbreaking is only  the beginning of a greater, more exciting future for  our local industry and people as well as TTM Technologies’ growth.”

Thomas Edman, President and Chief Executive Officer of TTM Technologies, added, “This is an exciting day for TTM. Today’s ceremony marks the start of an important new chapter in our mission to support our customers with differentiated high value-add engineering and PCB product solutions on a global basis. As an early-mover into Southeast Asia for the production of advanced technology PCBs, TTM is responding to our customers’ needs for supply chain resiliency, regional diversification and growth capacity.”

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