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CTS
CORPORATION Elkhart, Indiana 46514 (574) 293-7511
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May 25, 2006
FOR RELEASE: Immediately
Elkhart, IN…CTS Corporation (NYSE: CTS), a global leader in automotive sensors,
actuators and subsystems, today announced that Honda Motor Corporation has
awarded CTS Automotive Products a production contract for Accelerator Pedal
Modules. This award follows a development contract awarded to CTS in the fourth
quarter of 2005.
This accelerator pedal module will be manufactured in one of our facilities in China and will be used on a small-car platform. Production is scheduled to begin in late 2007 and is expected to generate sales of over $7 million per year by 2008. The total program is projected to be worth $40 million.
Jeff McCurley, Vice President and General Manager of CTS Automotive Products commented, “Leveraging our strengths in design flexibility, product quality and customer support gives Honda the high quality and performance necessary for this application. CTS looks forward to growing our relationship with Honda who is well known for providing quality automotive products to the world.”
To date, CTS’ accelerator pedal modules have been selected by seven automotive OEMs for use in 46 different automotive platforms. Based on current awards alone, CTS pedal module sales are expected to reach $33 million this year ramping to over $65 million by 2008.
For more information on
Electronic Throttle Control Accelerator Pedal Modules, please contact Ken
Kochanowski at (574) 389-2749.
About CTS Automotive
Products
CTS Automotive Products designs and manufactures sensors, actuators and
subsystems used in powertrain, safety, suspension, fuel and emissions control
systems for automotive manufacturers worldwide. The Company manufactures
automotive and related products in Elkhart, Indiana; Toronto, Canada; Glasgow,
Scotland; Ostrava, Czech Republic; Matamoros, Mexico; Kaohsiung, Taiwan; and
Dongguan, China.
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 and industrial markets. CTS
manufactures products in North America, Europe and Asia. CTS' stock is traded on
the NYSE under the ticker symbol "CTS.”
Safe Harbor Statement
This press release contains certain 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, and all statements that are
not based on historical fact, but rather reflect our current expectations
concerning future results and events. We make certain assumptions when making
forward-looking statements, any of which could prove inaccurate, including, but
not limited to, statements about our future operating results and business
plans. The ultimate correctness of these forward-looking statements is
dependent upon a number of known and unknown risks and events, and is subject to
various uncertainties and other factors that may cause our actual results,
performance or achievements to be different from any future results, performance
or achievements expressed or implied by these statements.
For more detailed information
on the risks and uncertainties associated with CTS' business activities, see our
reports filed with the SEC. CTS undertakes no obligation to publicly update its
forward-looking statements, whether as a result of market or industry changes,
new information or future events.
| Contact: | Vinod M. Khilnani, Senior Vice President and Chief Financial
Officer, or Mitchell J. Walorski, Director of Investor Relations |
| CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
| Telephone: (574) 293-7511, Fax: (574) 293-6146 | |
| www.ctscorp.com |