TTM Technologies (NASDAQ:TTMI), a leading provider of printed circuit board (PCB) products, is set to invest $130 million into a new DeWitt facility, aiming to strengthen the national microelectronic supply chain by producing ultra-high-density interconnect PCBs for U.S. military applications. The new plant, which will be located adjacent to TTM's current facility, is projected to bring disruptive capability for ultra-HDI PCBs, offering shorter lead times, faster deliveries, and increased domestic capacity.
The investment by TTM Technologies will also support the NY SMART I-Corridor and generate 400 new jobs while retaining over 600 existing positions in Syracuse. Empire State Development (ESD) will provide up to $17 million in performance-based Excelsior Jobs Tax Credits and a $5 million capital grant from the Upstate Revitalization Initiative, contingent on job creation and retention.
Governor Kathy Hochul emphasized that TTM's investment, combined with Micron’s investment in Clay, is elevating New York's global chipmaking stature. The Governor underscored TTM’s role in fortifying New York as an innovation hub and national security leader.
The company's future research and development investments aim to enhance integrated-circuit substrate and HDI PCB technologies across the U.S., leading nationally in producing PCBs and advanced packaging. The initiative also follows Micron (NASDAQ:MU) Technologies' $100 billion investment in a semiconductor manufacturing campus in Clay, the launch of GO-SEMI, and Syracuse's recent federal Tech Hub designation.
CenterState CEO President Robert Simpson confirmed the region's leadership in the smart systems sector, finished microelectronics production, and the reshoring of critical national security supply chain elements. This move strengthens Syracuse's position as America's semiconductor superhighway, enhancing its status as a globally relevant research and manufacturing center.
InvestingPro Insights
TTM Technologies' strategic investment in ultra-HDI PCBs for military applications and the creation of new jobs is a significant move. This is supported by InvestingPro's real-time data and tips which indicate potential growth for the company.
InvestingPro's data shows a market cap of 1440M USD for TTM Technologies. Despite the current negative P/E Ratio of -47.67, the company has seen a significant return over the past week with a 13.73% increase in its share price. However, the company's revenue growth has been on a decline, with a -7.89% change over the last twelve months as of Q3 2023.
InvestingPro Tips suggest that TTM Technologies has a high shareholder yield and liquid assets that exceed short-term obligations. This is a positive sign for investors as it indicates the company's ability to handle its financial responsibilities. Additionally, three analysts have revised their earnings upwards for the upcoming period, suggesting optimism about the company's future performance.
It's also worth noting that while TTM Technologies was not profitable over the last twelve months, analysts predict that the company will be profitable this year. InvestingPro offers a wealth of additional tips, with over 5 more insights available for TTM Technologies on their platform. These insights can help investors make informed decisions about their investments.
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