TTM Technologies to Acquire MKS's Ophir Optics for $650 Million in Defense Electronics Push

TTM Technologies (TTMI) said October 19 it will acquire MKS's (MKSI) Ophir Optics business for about $650 million in cash, moving the printed circuit board maker further into infrared thermal imaging and laser optics for military platforms, unmanned vehicles and industrial lasers. The deal follows TTM's roughly $1.1 billion acquisition of Epiq Solutions, completed September 30, which added software-defined radio, signals intelligence and electronic warfare capabilities. Aerospace and defense accounted for 44% of TTM's 2025 end-market revenue, ahead of data center computing at 24%. Defense project backlog stood at $1.7 billion at the end of the second quarter of 2026, and in January TTM signed a multi-year agreement with RTX's Raytheon valued at up to $200 million over three years to supply radio frequency components, electronics and PCBs for the U.S. Army's LTAMDS air and missile defense radar. Ophir, with plants in Israel and Romania, designs and builds high-precision infrared and laser optics. Wissen Research forecasts the global infrared imaging market will grow from $9.2 billion in 2026 to $12.6 billion by 2031, a 6.4% compound annual growth rate. Analysts expect TTM's 2026 revenue to average about $4.41 billion.