Dan’s Biz Bookshelf: ‘From Bud to Boss: Secrets to a Successful Transition to Remarkable Leadership’
The Chemical Connection: How We Deal With a Technology Roadmap
It’s Only Common Sense: 10 Lessons for New SalespeopleTTM Adopts Special Board Resolution with DCSA Replacing SSA
February 6, 2023 | TTM Technologies, Inc.Estimated reading time: 1 minute
TTM Technologies, Inc., a leading global manufacturer of technology solutions including engineered systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB), announced that pending confirmation by the Defense Counterintelligence and Security Agency (DCSA), the TTM Board of Directors has adopted a Special Board Resolution (SBR), replacing the Special Security Agreement (SSA) that the Company had entered into with the DCSA in 2010. The replacement of the SSA with the SBR is a result of the significantly reduced foreign ownership of TTM. The effective date of the SBR is February 2nd, 2023.
“Since the SSA was established in 2010, there has been a significant reduction in the foreign ownership of TTM’s public shares and our one non U.S. citizen Board member has retired,” said Rex Geveden, Chairman of the Board of TTM. “As a result, the DCSA has agreed to replace the SSA with the SBR. The company plans to maintain much of the robust infrastructure developed during the adoption of and compliance with the SSA to continue to serve our customers and to maintain our focus on the national security of the United States in our Aerospace and Defense Sector, as one of the top forty U.S. based defense companies,” concluded Mr. Geveden.
The SBR Agreement with DCSA codifies the standing Government Security Committee of TTM’s Board of Directors, consisting of at least 3 Board members that hold a National Security Clearance. In addition, the SBR dictates that TTM will maintain its policies and procedures that have been established pursuant to the provisions of the SSA to mitigate risks to TTM’s operations that serve the national security of the United States, including the maintenance of its cybersecurity plan that meets the requirements of NIST 800-171. DCSA will continue to review TTM’s compliance with the terms of the SBR annually at each of TTM’s sites which operate under a U.S. Department of Defense security clearance. This change acknowledges that TTM no longer has any significant foreign owners of its equity. In addition, all of TTM’s Board is currently comprised of U.S. citizens and per the terms of the SBR, no foreign citizen is allowed to sit on TTM’s Board in the future.
TTM expects the replacement of the SSA with the SBR to have no material impact on the company’s cost structure.
Share on:
Suggested Items
FTG Announces Q3 2024 Financial Results; Revenues Up 18%
10/10/2024 | Firan Technology Group CorporationFTG's sales increased by $6.5M, or 17.7%, from $36.6M in Q3 2023 to $43.1M in Q3 2024. The revenue increase in Q3 2024 was driven by organic growth, including an increase in Simulator products sales of $1.2M, and favourable foreign exchange rates. Year-to-date, sales have increased by $21.6M, or 22.7%, compared to year-to-date 2023.
Nortech Systems Announces Expansion of PCBA Capabilities with IPC-J-STD-001 Space Addendum
10/08/2024 | BUSINESS WIRENortech Systems Incorporated (“Nortech Systems”, or the “Company), a leading provider of engineering and manufacturing solutions for the aerospace and defense industry, has announced the Company has certified trainers and operators to build printed circuit board assemblies (PCBAs) to the IPC-J-STD-001 Space Addendum standard.
Pursuit Aerospace Announces Completion of Strategic Acquisitions to Advance Growth
10/08/2024 | PRNewswirePursuit Aerospace, a global manufacturer of complex aircraft engine components, announced it has completed the strategic acquisitions of both Prescott Precision Die, Inc. and Merc Aerospace, Ltd.
OKI to Exhibit High-Reliability PCBs for Aerospace, Defense, and Telecommunications at PCB West 2024 in USA
10/08/2024 | BUSINESS WIREOKI announced that the OKI Group’s printed circuit board (PCB) company OKI Circuit Technology will participate in the PCB West 2024 Conference & Exhibition (PCB West), scheduled to take place from October 8 to 11 in Silicon Valley, USA. OTC will approach this event with the goal of expanding its customer base and sales in overseas markets, particularly in the United States.
Eaton, SIAEC Announce Key Milestones for Joint Venture
09/25/2024 | BUSINESS WIREIntelligent power management company Eaton and SIA Engineering Company Limited (SIAEC) unveiled the logo for their joint venture, Eaton Aerospace Component Services Asia Sdn. Bhd. (EAS), at MRO Asia-Pacific.