TTM Technologies announced its intent to acquire Swiss Technology Group and ILFA in separate all-cash transactions.
The acquisitions are expected to establish TTM’s initial footprint in Europe while adding strategic capabilities in printed circuit boards and materials across medical, aerospace and defense, industrial, and other markets.
Swiss Technology Group is a privately held company headquartered in Zurich, Switzerland. The company was formed through the 2023 merger of GS Swiss and the Hofstetter Group and has a long history of leadership in interconnect solutions in Europe.
Swiss Technology Group focuses on miniaturized and small-form-factor technology applications, primarily for the medical market. The company also has technology capabilities relevant to other strategic markets, including aerospace and defense.
The company produces rigid, rigid-flex, and flexible printed circuit board solutions. It also provides manufacturing and coating capabilities for miniaturized microcircuits. Swiss Technology Group operates facilities in Switzerland and Germany and serves customers in surgical robotics, hearing aids, medical imaging, implantable solutions, and other markets.
ILFA is a privately held German PCB manufacturer headquartered in Hannover. The company has a 45-year history of providing complex PCB solutions across aerospace and defense, industrial, and medical technology markets.
ILFA manufactures rigid, flexible, and rigid-flex PCBs and also provides CAD services for PCB prototyping and production. The company has capabilities tied to electro-optical PCBs, embedded components, fluid channel integration, hybrid structures, and multilayer boards with more than 30 layers.
TTM said the acquisitions align with its updated long-term strategy and support its goal of moving further up the technology value chain. The company said the transactions will diversify its business by product capability and geography.
The combined acquisitions are expected to be immediately but modestly accretive after completion, excluding purchase accounting adjustments and similar factors. The transactions are expected to close in the third quarter of 2026, subject to regulatory approvals.
Support: Citi is serving as the exclusive financial advisor to TTM for the potential acquisition of Swiss Technology Group. Piper Sandler is serving as financial advisor to Swiss Technology Group.
KEY QUOTE:
“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. 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.”
Edwin Roks, President and Chief Executive Officer of TTM Technologies
