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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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December 17, 2009
FOR RELEASE: Immediately
CTS Awarded High Volume Program for Micro Actuators
Further Expands Piezoceramic Products into New Markets
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that CTS Electronic Components was awarded a major new development and production program for piezoelectric micro actuators for data storage devices (hard disk drives). Production is anticipated to begin in the fourth quarter 2010 with total revenues over the next three years to be approximately $14 million and over $10 - $12 million annually thereafter.
The market for piezoceramic micro actuators is growing rapidly and is estimated at approximately $60 million within the next few years. The awarded program is part of the family of piezoceramic formulations CTS has developed in response to growing market opportunities. The micro actuator incorporates patented technology.
CTS is a leading global provider of piezoceramic offerings serving the medical, industrial, defense and aerospace markets. CTS’ Electronic Components piezoceramic value-added products benefit from specialized technology and enhanced processing capabilities for a broad range of applications including medical ultrasound, flight stability, industrial wide format inkjet printers, sonar transducers and hydrophones for oil exploration.
For more information on CTS’ piezoceramic products, please contact Scott Hulick, Piezo Product Sales Manager, at (505) 348-4213.
About CTS Electronic
Components
CTS Electronic Components is a leading provider of engineered electronic
components used in communications, medical, defense and aerospace, industrial
and computer applications for OEMs and Contract Manufacturers worldwide. The
Company has manufacturing locations in Albuquerque, New Mexico; Tucson, Arizona;
Nogales, Mexico; Singapore; Zhongshan and Tianjin, China; and Kaohsiung, Taiwan.
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 and are based on various assumptions as to future
events, the occurrence of which necessarily are subject to uncertainties. 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; 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 | |