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TTM Technologies, Inc. (TTMI) announced that it will close its Hayward, California and Los Angeles, California facilities due to continued weak demand in North America for commercial printed circuit boards and backplane products. TTM will transfer PCB production from the Los Angeles facility to other company sites in California, Utah and Wisconsin, providing an uninterrupted supply of PCBs to customers of the Los Angeles facility. The company expects to record between $11 million and $14 million in separation, asset impairment and disposal costs related to this restructuring, primarily in the third quarter of 2009. The actual expense will vary, depending on utilization of inventory and transfer of fixed assets. In addition to transferring assets to other sites, the company plans to sell some of the property, plant and equipment. As a result of today's actions, the company expects to achieve annual cost savings of approximately $14 million. Excluding asset impairment charges and closure costs, the company remains on track to achieve its earnings and revenue guidance for the third quarter with revenue in a range of $134 million to $142 million and GAAP earnings in a range from $0.09 to $0.15 per diluted share. KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC. ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information. If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx For full details on Ttm Technologies Inc (TTMI) click here. Ttm Technologies Inc (TTMI) has Short Term PowerRatings of 7. Details on Ttm Technologies Inc (TTMI) Short Term PowerRatings is available at This Link.
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