TTM to layoff 14 percent of workforce
One of Chippewa Falls’ largest employers, TTM Technologies, is cutting about 14 percent of its workforce nationally, citing weak demand for printed circuit boards.
Most of the company’s layoffs, 374 full-time and 55 temporary employees, will come from the closure of TTM’s Redmond, Wash., plant.
Another 140 jobs at the company’s other plants will be eliminated. In announcing those layoffs, the printed circuit board manufacturer did not indicated if any will be made at its Chippewa Falls plant.
Besides Chippewa Falls, TTM has sites in California, Connecticut and Utah.
The layoffs will cost the company $4.1 million in severance and sales costs, but will save the company between $20 and $25 million annually.
TTM said on Thursday that production from closing Redmond plant will be moved to its other sites.
“Shifting production from the underutilized Redmond facility to TTM’s other plants will improve utilization at our remaining facilities, reduce our cost structure and lower future capital expenditures, as we relocate some of the equipment from Redmond to our other operations,” said company CEO and president Kent Alder in a press release.
Labels: layoffs, TTM Technologies, Wisconsin
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