Electronics manufacturer TTM Technologies Inc (TTMI.O) said it would cut about 14 percent of its total workforce and shut its Redmond, Washington facility due to weak demand for commercial printed circuit boards.

The company said it will transfer the production of printed circuit boards from its Redmond facility, which employs 374 full-time and 55 temporary employees, to other company sites in California, Connecticut, Utah and Wisconsin.

It also plans to cut about 140 jobs at its other plants.

TTM said it would record about $4.1 million in restructuring charges, primarily in the first quarter, and expects to save $20 million to $25 million in costs annually.

The company also backed its fourth-quarter earnings outlook of 14 cents a share, excluding items, on revenue of $156 million to $164 million.

Shares of the California-based company rose as much as 8 percent to $5.84 in trading after the bell Thursday.