SANTA ANA, CA – Now that the merger between TTM Technologies and Meadville Group is complete, what will the newly created company look like?

Based on market data, recent company filings and statements from top executives, quite a bit different from the previous incarnation.

TTM goes from being a predominantly North American-centric player with heavy emphasis on prototypes and defense markets to one that generates the majority of its business from offshore and is capable of handling high volumes of boards for consumer products and cellphones.

The “new” TTM will generate some 55% of its sales from Asia, 45% from Greater China alone, while the Americas will now make up 39%. On a pro forma basis, networking becomes the largest end-market, at 37% of 2009 sales, and aerospace and defense now takes a backseat (21%, down from about 45% in 2009). Computing storage and peripherals rises to 18%, up from the low teens.

The top 5 OEM customers are (in no order) BAE, Hamilton Sundstrand, Cisco, Huawei and Raytheon. The latter three traditionally have been among TTM’s top customers.

TTM executives said the company’s Asia facilities are currently operating at high utilization rates (said to be above 95%), which could slow the firm’s ability to move production or take on new business there. To the contrary, CEO Kent Alder said on a May 6 conference call, “We do not expect to relocate any business from our North American facilities to Asia. In fact, this combination will enhance our ability to increase business in most of our facilities.” Meadville is undergoing a capacity expansion program, scheduled to come online during this first quarter, which is expected to increase revenue by approximately 10 to 14% by this time next year.

TTM’s ownership will dramatically change as well. As part of the deal, the company issued 6.3 million shares to Meadville’s shareholders, about 70% to the Tang family, TTM’s largest minority shareholder, which now owns 33% to 35% of TTM’s outstanding shares. (The Tangs have agreed not to sell their shares for 18 months.)

While Alder remains president and CEO of the overall company, Meadville’s existing team will remain in place to run operations in China, with former Meadville chairman Tom Tang named managing director of TTM’s Asia-Pacific region.

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