WASHINGTON (dpa-AFX) - TTM Technologies, Inc. (TTMI) said Friday that it has signed a letter of intent with its minority partner, Shengyi Technology Co. Ltd., to dispose of TTM's 70.2% equity interest in the SYE plant and to acquire Sytech's 20% equity interest in the DMC plant.
Both the SYE and DMC plants manufacture conventional printed circuit boards and are located in Dongguan, China.
Subject to conclusion of a formal sale and purchase agreement between the parties, the deal is expected to close by the end of the second quarter of 2013.
A condition for closing is that the parties value all of SYE at 1 billion RMB (about $161 million) and all of DMC at 900 million RMB (about $145 million).
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