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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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March 11, 2009
FOR RELEASE: Immediately
CTS Awarded Production Program for Accelerator
Pedal
Modules with a Major Japanese Automotive Manufacturer
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products has been awarded a production program for its Electronic Throttle Control (ETC) Accelerator Pedal Modules from a major Japanese vehicle manufacturer. The pedals will be used on a popular, highly fuel-efficient, sub-compact vehicle to be sold in North America.
First deliveries of these pedals will start in early 2011. Total sales from this award are expected to reach approximately $6 million over the five-year life of the program. This new pedal program represents a key win with an existing customer, positioning CTS to grow its North American business. This growth opportunity in North America reflects our excellent long-term customer relationship, CTS’ engineering excellence and quality of its products.
Despite an extremely challenging economic environment, CTS continues to win new business and increase its market share. This award, combined with our other recent wins to broaden our sensor technology beyond automotive applications, continues to help build on our strategy of customer and market diversification.
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: 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 |