Item 2.05 Costs Associated with Exit or Disposal Activities
On January 15, 2009, TTM Technologies, Inc. ("TTM") announced its plan to
close its Redmond, Washington facility and lay off approximately 370 employees
at this site. TTM intends to transfer printed circuit board ("PCB") production
from its Redmond facility to other company sites in California, Connecticut,
Utah and Wisconsin.
In addition, TTM will lay off about 140 employees at various other U.S.
facilities. The plant closure and headcount reductions are primarily due to the
global economic downturn, which has weakened demand for commercial PCBs.
TTM will offer separation and other benefits to the affected employees. The
company expects to record approximately $4.1 million in separation, asset
impairment and disposal costs related to this restructuring primarily in the
first quarter of 2009. In addition to transferring assets to other sites, the
company also will sell some of the Redmond property, plant and equipment.
A copy of TTM's press release announcing the closure is attached hereto as
Exhibit 99.1 and is incorporated by reference.