Viasystems’ sale to TTM closes
St. Louis has lost another public company headquarters, as Viasystems Group’s $368 million sale to California-based TTM Technologies has been completed.
The deal between the printed circuit board and electronic product makers was first announced in September. In December, Viasystems shareholders approved the company’s sale to TTM Technologies. With the assumption of debt, the deal is valued at about $927 million. Viasystems, which will continue as a wholly owned subsidiary of TTM.
“The combination of TTM’s advanced technologies with Viasystems’ market access and complementary businesses in important end markets enhances the combined company’s long-term growth opportunities,” Tom Edman, CEO of TTM, said Monday in a statement.
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TTM estimates over $55 million in annual cost savings from the combination, officials said.
Led by CEO David Sindelar, Viasystems Group reported a net loss of $15.2 million on sales of $1.2 billion in 2014.
Costa Mesa, California-based TTM Technologies (Nasdaq: TTMI) said pro forma 2014 combined annual revenue with the Viasystems acquisition is $2.5 billion.