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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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March 3, 2009
FOR RELEASE: Immediately
CTS Awarded Production Program for Smart
Actuator
Used on Industrial Engines
Penetrates New Customer in Targeted Commercial Market
Elkhart, IN…CTS Corporation (NYSE: CTS)
today announced that CTS Automotive Products was
awarded a production program for its new
smart actuator for use on a series of industrial engines produced by a major
manufacturer of heavy equipment. This newly developed brushless DC
actuator, containing many innovative features, is the first application of a
CTS actuator specifically targeted for the commercial market.
These actuators incorporate new on-board system integration technology with features designed specifically for high temperature and extremely harsh environment applications. The actuators will be built in one of CTS’ state-of-the-art facilities in North America. Total sales from these awards are expected to reach approximately $10 million over the initial seven years of the program with production beginning this year. The strategy to diversify into new markets with new customers and applications for CTS’ technology is on track.
For more information on CTS actuator products, please contact Scott Childers at (574) 389-2806.
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: changes in the economy generally and in respect to the
businesses in which CTS operates, including those resulting from the current
global financial and credit crisis; pricing pressures and reduction in
demand for CTS’ products, especially if economic conditions do not recover
or continue to worsen in CTS’ served markets, including but not limited to:
the automotive, computer equipment, or communications markets; disruption,
uncertainty, or volatility in the credit markets that could adversely impact
the availability of credit already arranged by CTS and the availability and
cost of credit in the future; the financial condition of our customers,
including the ability of customers (especially those that may be highly
leveraged and those with inadequate liquidity) to maintain their credit
availability or ongoing viability; the Company’s successful execution of
restructurings and profit improvement plans; risks associated with CTS’
international operations, including trade and tariff barriers; currency
fluctuations and their effects on our results of operations and financial
position; changes in performance of equity and debt markets that could
affect the valuation of the assets in CTS’ pension plans and the accounting
for pension assets, liabilities, and expenses; political and geopolitical
risks; rapid technological change in the automotive, communications and
computer industries; reliance on key customers; and CTS’ ability to protect
its intellectual property. For more detailed information on the risks and
uncertainties associated with CTS’ business, see the reports CTS files with
the SEC, available at
http://www.ctscorp.com/investor_relations/investor.htm. 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: |
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 |