TTM Technologies to Acquire Swiss Technology Group and ILFA in European Expansion

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TTM Technologies, Inc., a manufacturer of technology products, including mission systems, radio frequency components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (“PCB”s) and substrates, announced the intent to acquire, subject to regulatory approvals, two companies in Europe: privately-held Swiss Technology Group AG (STG), headquartered in Zurich, Switzerland, and privately-held ILFA GmbH, headquartered in Hannover, Germany, in separate transactions for all-cash consideration.

STG, through its underlying businesses, has a history of interconnect solutions in Europe and was created through the merger of GS Swiss and the Hofstetter Group in 2023. The company focuses on miniaturized and small form-factor technology applications, primarily for the medical end market, as well as Aerospace & Defense.

STG produces rigid, rigid-flex, and flex printed circuit board (PCB) solutions as well as manufacturing and coating capabilities for miniaturized microcircuits. STG operates facilities in both Switzerland and Germany and serves manufacturers in surgical robotics, hearing aids, medical imaging and implantable solutions.

ILFA has a 45-year legacy as a German provider of PCB solutions spanning Aerospace & Defense, Industrial, and medical technology markets. Like STG, ILFA manufactures rigid, flexible, and rigid-flex PCBs, and also provides CAD services to support prototyping and production for various PCB designs. ILFA also possesses certifications for electro-optical PCBs, processes for embedding components, and the integration of fluid channels.

“Consistent with our updated long-term strategy, these smaller but meaningful acquisitions establish our initial footprint in the important European market, adding healthy ‘long-cycle’ businesses with strategic technology capabilities to the TTM portfolio, reinforcing our ‘up the chain’ value-add technology approach,” said Edwin Roks, President and Chief Executive Officer of TTM Technologies. “The acquisitions of Swiss Technology Group AG and ILFA demonstrate TTM’s strategic commitment to diversification through both product and geographic means, expand our technology solution capabilities and also build on our legacy applications.”

Citi is serving as the exclusive financial advisor to TTM for the potential acquisition of STG and Piper Sandler & Co. is serving as financial advisor to STG. The combined acquisitions are expected to be immediately, albeit modestly, accretive when completed following regulatory approvals and excluding purchase accounting adjustments and similar factors. The transactions are expected to close in the third quarter of 2026. TTM expects to provide additional insight for investors during its formal second quarter earnings call, currently projected for early August.

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