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CTS CORPORATION Elkhart, Indiana 46514 • (574) 523-3800
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November 7, 2007
FOR RELEASE: Immediately
CTS Awarded Three Production Programs for Small Engine Throttle Position Sensors
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Elkhart, IN¡CTS Corporation (NYSE: CTS) today announced that CTS was awarded three additional production programs for its Small Engine Throttle Position Sensor (SETPS) with a total value of nearly $7 million over the life of the programs. The sensors will be built in CTS¡¯ Kaohsiung, Taiwan facility with the first program starting in 2007 and production continuing past 2011. Including these awards, CTS¡¯ SETPS is now utilized by nine customers in seven countries on a variety of motorcycle and scooter applications around the globe.
CTS sells its SETPS to most of the leading small engine EFI and E-Carburetor suppliers and is used on many of the major motorcycle and scooter brands throughout the world. The market for these sensors is growing by 30% per year, with CTS commanding a 35% share of this market due to its sensor expertise and early market entry. Demand is driven by increasingly more stringent emissions regulations for the small engine market, as well as customer demands for better performance and fuel economy.
For more information on CTS¡¯ Small Engine Throttle Position Sensors and related products, please contact Will Mitchell at (574) 389-2852 for customers located in North America, or Charles Hsiao in Taiwan at 886-7-821-6145 for customers located in other regions.
About CTS Automotive Products
CTS Automotive Products is a global leader in the design, test and
manufacture of automotive sensors, accelerator pedal modules, actuators and
subsystems. Recognized for its customer responsiveness and expertise in
high-volume automotive packaging, CTS Automotive Products is focused on
delivering value-added products and services to its expanding worldwide customer
base. The Company manufactures automotive and related products in Elkhart,
Indiana; Toronto, Canada; Glasgow, Scotland; Ostrava, Czech Republic; Matamoros,
Mexico; Kaohsiung, Taiwan; and Zhongshan, China.
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About CTS
CTS is a leading designer and manufacturer of electronic components and
sensors and a provider of electronics manufacturing services (EMS) to OEMs in
the automotive, computer, communications, medical, defense and aerospace and
industrial markets. CTS manufactures products in North America, Europe and Asia.
CTS' stock is traded on the NYSE under the ticker symbol "CTS.¡±
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Safe Harbor Statement
This press release contains statements that are, or may be deemed to be,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
but are not limited to, any financial or other guidance, statements that reflect
our current expectations concerning future results and events, and any other
statements that are not based solely on historical fact. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. These forward-looking statements are
made subject to certain risks, uncertainties and other factors, which could
cause our actual results, performance or achievements to differ materially from
those presented in the forward-looking statements, including, without
limitation, rapid technological change and general market conditions in the
automotive, communications and computer industries; reliance on key customers;
CTS¡¯ ability to protect its intellectual property; pricing pressures and demand
for CTS¡¯ products; risks associated with CTS¡¯ international operations,
including trade and tariff barriers, exchange rates and political and
geopolitical risks; and the impact of the accounting misstatements at its
Moorpark and Santa Clara, California locations, including the results or the
impact of the SEC¡¯s informal inquiry into these misstatements. For more
detailed information on the risks and uncertainties associated with CTS¡¯
business, see the reports CTS files with the SEC. CTS undertakes no
obligation to publicly update its forward-looking statements to reflect new
information or events or circumstances that arise after the date hereof,
including market or industry changes.
| Contact: |
Matthew W. Long, Interim Chief Financial Officer and Treasurer, or Mitchell J. Walorski, Director Planning and Investor Relations |
| CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
| Telephone: (574) 523-3800, Fax: (574) 293-6146 | |
| www.ctscorp.com |
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