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CTS
CORPORATION Elkhart, Indiana 46514 • (574)
523-3800
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November 13, 2008
FOR RELEASE: Immediately
CTS Awarded Production Program for Accelerator Pedal Modules Sold into Chinese Markets
Penetrates Two New Chinese Customers, One in Commercial Market
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products was awarded two production programs for its Electronic Throttle Control (ETC) Accelerator Pedal Modules. The awards come from two new Chinese customers, one of which has a major market share. The pedals will be used on three different platforms on compact small family cars and Class 3 light duty commercial trucks for delivery van applications.
The pedals will be built in CTS’ new facility in Zhongshan, China with the first deliveries starting in the second half of 2009. Total sales from these awards are expected to reach approximately $14 million over the five-year life of the programs. These pedal program wins demonstrate the versatility of CTS’ pedal products and benefits of being a local, diversified supplier base. Strong growth in Chinese automotive production over the next five years is anticipated, providing additional opportunities for CTS to expand its Asian customer base and grow in commercial vehicle markets.
"These two awards with Chinese automotive customers further support our diversification strategy of gaining new customers in new markets and geographies. In addition, our success over the last few years in capturing Japanese customers like Toyota and Honda, continues to lower our dependence on Big 3 customers, which now represent only 7% of total CTS sales," stated Vinod M. Khilnani, CTS President and Chief Executive Officer.
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 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, including, without
limitation, potential changes in the economy generally and in respect to the
businesses in which CTS operates; rapid technological change 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; and risks associated with CTS’
international operations, including trade and tariff barriers, exchange
rates and political and geopolitical risks. For more detailed information on
the risks and uncertainties associated with CTS’ business, see the reports
CTS files with the SEC, available at
| Contact: |
Donna L. Belusar, Senior Vice President and Chief
Financial Officer |
| CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
| Telephone: (574) 523-3800, Fax: (574) 293-6146 | |
| www.ctscorp.com |