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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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July 19, 2007
FOR RELEASE: Immediately
CTS Awarded Multiple China
Production Programs for Accelerator Pedal Modules
Elkhart, IN…CTS Corporation
(NYSE: CTS) today announced that CTS Automotive Products was awarded seven
additional production programs for its Electronic Throttle Control (ETC)
Accelerator Pedal Modules by Chery Automotive Co., Ltd. (“Chery”). The pedals
will be built in CTS’ new facility in Zhongshan, China starting in the first
quarter of 2008. They will be used on a variety of models that will be sold
in both China and internationally.
Total sales from these awards are expected to exceed $10 million over the five-year life of the programs. Including these awards, CTS’ Accelerator Pedal Modules have now been selected for use on 63 different automotive platforms.
“We are pleased to win this additional business with Chery,” commented Tyler Buchanan, Senior Vice President, CTS Corporation. “The existing business we have with Chery allowed us to prove to them we are the leader in quality, delivery, and value. Our investment in our Zhongshan facility has positioned CTS to grow in China with the automotive market.”
For more information on ETC Accelerator Pedal Modules, please contact Ken Kochanowski at (574)389-2749.
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.
About Chery
Chery Automotive Co., Ltd. is a leading Chinese vehicle and engine manufacturer
with capacity of 400,000 vehicles per year. They make a variety of models for
the China light vehicle market and export to over 50 countries. Chery is
experiencing rapid growth; 2010 vehicle sales are targeted at over one million
units with over 40% exported to other countries. Chery employs 23,000 people
and is headquartered in Wuhu, Anhui Province, P.R. China. To find out more,
visit the Chery website at
www.cheryglobal.com.
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."
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. 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 | |