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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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March 17, 2009
FOR RELEASE: Immediately
CTS Electronics Manufacturing Solutions Awarded
Long-Term Manufacturing Contract by Barron McCann
Elkhart, IN…CTS Corporation (NYSE: CTS) a leading supplier of electronics manufacturing services, was awarded a three-year manufacturing contract by Barron McCann Technology Ltd., a major provider of payment systems and information security. CTS Electronics Manufacturing Solutions (CTS EMS) will become the prime supplier of manufactured products from design support, NPI and development, to high level assembly.
The contract followed successful developmental support for several of Barron McCann’s flagship security products. Barron McCann will benefit from the advantages of global manufacturing, while receiving agile local fulfillment and production support from CTS EMS’ facility in Glasgow, Scotland. Initial production begins in mid-2009 with revenues expected to reach approximately $15 million over the program period.
CTS EMS has developed a reputation for supporting high-end, complex manufacturing. This contract reflects success in supporting customers with a need for secure manufacturing of critical applications.
About CTS EMS
CTS EMS is a turnkey provider of manufacturing solutions to customers in a range of electronics equipment markets. With global manufacturing facilities in North America, Europe and Asia, a broad product offering and a complete range of turnkey services, CTS is the ideal choice for an OEM seeking customized product solutions from a focused and agile EMS partner.
About Barron McCann
Technology Ltd.
Barron McCann
Technology Ltd. is a specialist in the fields of payment systems and information
security. Developing solutions for over 20 years, Barron McCann has established
a strong reputation for developing high-technology, secure systems. Barron
McCann is based in Letchworth, Hertfordshire, in the United Kingdom. More
information can be found at
www.bemac.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, 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 |