TTM Technologies, Inc. Provides Update on Regulatory Status of Proposed Acquisition
(PressMethod) - TTM Technologies, Inc. (Nasdaq:TTMI - News) (the "Company"), North America's largest printed circuit board ("PCB") manufacturer, today announced that the Committee on Foreign Investment in the United States ("CFIUS") has completed its review of the proposed acquisition by TTM Hong Kong Limited, a wholly owned subsidiary of the Company, of certain indirect wholly owned subsidiaries of Meadville Holdings Limited ("Meadville") that are engaged in PCB operations (the "PCB Subsidiaries"). CFIUS has informed the Company that there are no unresolved national security concerns for this acquisition. The Company and Meadville had previously voluntarily filed a notice for CFIUS's review.
A portion of the Company's business consists of manufacturing defense and defense-related items for various departments and agencies of the U.S. government, including the U.S. Department of Defense, which requires that the Company maintain facility security clearances under the National Industrial Security Program, or "NISP." As a result of acquiring the PCB Subsidiaries, a certain foreign shareholder will hold a significant minority equity interest in the Company. The NISP requires that a corporation maintaining a facility security clearance take steps to mitigate foreign ownership, control, or influence, referred to as "FOCI." After closing the acquisition of the PCB Subsidiaries, the Company expects that it will enter into a Special Security Agreement, or "SSA," with the U.S. Department of Defense pertaining to its corporate governance and operations. The Company expects that the SSA may contain terms relating to, among other things, the following:
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