Business Context and Reporting Period
TTM Technologies, Inc. (TTMI) filed a Form 8-K on June 27, 2022, reporting the completion of a strategic acquisition. The company, incorporated in Delaware and headquartered in Santa Ana, California, operates in the electronics manufacturing sector.
Key Financial Metrics
This filing details a specific transaction rather than periodic financial performance. The primary financial metric disclosed is the acquisition consideration:
- Purchase Price: Approximately $330.0 million in cash.
- Funding Source: Cash on hand.
- Adjustments: Subject to customary working capital and other adjustments.
The filing does not provide current period revenue, profit, cash flow, margins, debt levels, or liquidity ratios. Historical financial statements and pro forma information for the acquired entities are scheduled to be filed within 71 calendar days.
Material Changes
The material change reported is the acquisition of 100% of the issued and outstanding shares of Gritel Holding Co., Inc. ("Gritel") and ISC Farmingdale Corp. As a result of this transaction:
- Telephonics Corporation, a wholly-owned subsidiary of Gritel, became an indirect, wholly-owned subsidiary of TTM Technologies.
- The company's asset base and cash position were adjusted by the $330.0 million outflow.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management outlook, or specific risk factors related to the transaction beyond standard legal disclaimers. The transaction was executed pursuant to a Stock Purchase Agreement dated April 18, 2022. The company noted that the description of the acquisition is subject to the full text of that agreement.
Investor Verification Checklist
- Verify the final purchase price after customary working capital adjustments.
- Review the upcoming amendment to this 8-K (due within 71 days) for historical financial statements of Gritel and Telephonics.
- Examine the pro forma financial information to understand the impact on TTM's consolidated balance sheet and earnings.
- Assess the impact of the $330.0 million cash outflow on the company's remaining liquidity and debt covenants.