TTM Technologies opens RM958m plant in Penang
Source: Buletin Mutiara
Printed circuit boards (PCBs), radio frequency (RF) components and RF microwave/microelectronic assemblies manufacturer TTM Technologies Inc has opened its first large-scale plant in Southeast Asia in the Penang Science Park here.
The state-of-the-art facility, built on 10.9 hectares of land in Simpang Ampat, currently employs more than 75 engineering and technical graduates from Malaysian universities.
The Nasdaq-listed company’s expansion in Penang is aimed at serving its global commercial markets, especially in networking, data centre computing, medical, instrumentation and industrial.
“As part of our expansion strategy, we are creating about 1,000 job opportunities for the local community while equipping these employees with the latest knowledge in cutting-edge PCB technology solutions,” said TTM Technologies Inc president and chief executive officer Thomas Edman.
He said the firm is ramping up production, and the Malaysian facility expected to generate a full run rate revenue of about RM855 million by 2025.
“We still have room in this facility to complete phase one and room for phase two to add 25 per cent capacity to the facility,” he said in a press conference after the official opening ceremony of the plant.
He said TTM Technologies will be pursuing phase two at the end of this year, driven mainly by customer interests and demands.
“We are confident that our strategic expansion plan will allow us to bolster our presence, capitalise on new customer opportunities, expand our footprint and drive our market growth while tapping into the region’s thriving economy and vibrant ecosystem,” he said.
Earlier, Penang Chief Minister Chow Kon Yeow said TTM Technologies’ decision to set up its plant here signifies the confidence that foreign investors have placed in the state.
He said Penang is now positioned as an advanced manufacturing hub and now houses more than 350 multinational companies (MNC) and 4,000 small-medium enterprises (SME).
He said American investments had a significant presence in the state with a total RM6.7 billion in investments in 2023.
“This signifies that US companies are important industrial investors to Penang,” he said.
He said TTM’s presence in Penang will create new and exciting opportunity for local suppliers and further develop a robust and efficient supply chain ecosystem.
Source: MalayMail.com
