Nasdaq-listed TTM Technologies invests RM958 mil for manufacturing plant in Penang

25 Apr 2024

Global semiconductor firm Nasdaq-listed TTM Technologies Inc has invested US$200 million (about RM958 million) for its first manufacturing plant in Malaysia.

The group’s new facility at Penang Science Park provides significant opportunities for TTM’s local suppliers while nurturing local technical talent in advanced printed circuit board (PCB) technology solutions.

The plant is designed for mass production in commercial sectors such as networking, data centres, medical, industrial and instrumentation.

TTM president and chief executive officer Thomas Edman said in a statement on Thursday that Penang was a preferred location for the company due to its robust industrial ecosystem.

He also noted Penang’s position as a hub for the electrical and electronics industry, and its strong talent pool and conducive business environment.

The plant is expected to create around 1,000 jobs for local talent and generate full run rate revenue of around US$180 million (approximately RM855 million) by 2025.

“Furthermore, the plant is built to support a Phase 2 expansion that could result in a 25% increase [in capacity],” said the joint statement by TTM, Invest Penang and Mida.

Meanwhile, Mida chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid said TTM’s expansion aligns with the government’s objective in the New Industrial Master Plan 2030 which focuses on bolstering the semiconductor ecosystem.

“It opens avenues for skill development and knowledge sharing among local talents, reinforcing Malaysia’s stature on the global stage as a competitive, technologically advanced nation,” he added.

TTM’s announcement came a day after the ATX Semiconductor Group launched its manufacturing facility in Melaka, marking its first expansion outside China.

Source: The Edge Malaysia