SIMPANG AMPAT – Nasdaq-listed global printed circuit board manufacturer TTM Technologies Inc (TTM) will be investing US$130 million (RM550 million) for its factory at the Penang Science Park North here – its first in Southeast Asia.
TTM president and chief executive officer Thomas Edman said the company’s expansion to Penang is in direct response to its global customer requirements for advanced technology printed circuit boards.
“We selected Penang as the location for this new plant after an extensive review of multiple countries with careful consideration of investment and operating costs, customer proximity, and supply chain support. Malaysia has the advantage in terms of the overall cost, but infrastructure capability was the big driver for us to choose Penang.”
Besides supplying globally its electronic components, he said some of TTM’s customers are based in Penang, including contract manufacturers and original equipment manufacturers.
In the 700,000 sq ft Penang plant, TTM will produce components for networking communications, data centre computing, as well as electronic parts for medical and industrial devices.
Edman said that the investment will create between 800 and 1,000 jobs by 2025.
“Internally, we have several Malaysians in our operations in China who are already occupying critical management and engineering decisions. Malaysia will also have a very strong base from which we can develop and attract talent. It is crucial for us to continue working with the government, universities, and local institutions.”
Also at the groundbreaking ceremony here was Chief Minister Chow Kon Yeow, who said the construction of the plant is scheduled to start next month and will take about 12 to 15 months before the pilot production.
The pilot production is set to begin in the second half of next year.
Meanwhile, Malaysian Industrial Development Agency deputy chief executive officer (investment development) Lim Bee Vian said the statistics showed that Penang has fared well in the first four months this year.
“I am unable to reveal the statistics yet. However, Penang is listed among the top destinations for foreign direct investments. The outlook is good.”
Penang achieved a record-breaking RM76.2 billion in total approved manufacturing investments last year.
InvestPenang chief executive officer Datuk Loo Lee Lian said there are now a few high-value high-technology companies working with the agency to bring in the supply chain for the companies that work with them.
“We have a few projects we will announce later this year. It has come to a stage where we want to evaluate every project that comes in. We want to ensure that the projects can help the state move up its value in terms of technology and skilled talent.” – The Vibes, April 26, 2022
