M&A

16 November, 2009

UPDATE 1-TTM to buy Meadville printed circuit board business

* TTM to buy Meadville's PCB business for $521 mln

* Deal to expand TTM's footprint in Asia

Nov 16 (Reuters) - Electronics manufacturer TTM Technologies Inc (TTMI.O) agreed to buy Hong Kong's Meadville Holdings Limited's (3313.HK) printed circuit board (PCB) business for about $521 million in a cash and stock deal to expand into Asia.

The deal will create one of the world's largest PCB manufacturers, with combined 2008 annual sales of $1.35 billion, TTM said.

The combination is expected to add to earnings without synergies within the first year after closing, the company said.

The transaction is expected to be completed in the first quarter of 2010, it said. (Reporting by Supantha Mukherjee in Bangalore; Editing by Mike Miller)

Source: http://www.reuters.com