CTS CORPORATION Elkhart, Indiana 46514 574-523-3800
April 25, 2012
FOR RELEASE: Immediately
CTS Awarded Four New Automotive Production Programs in Asia
Further Growth in Chinese and Korean Markets
Elkhart, IN. . .CTS Corporation (NYSE: CTS) today announced that its Automotive Products group has been awarded three new production programs to supply pedal modules for major Japanese and Chinese vehicle manufacturers. CTS Automotive has also been awarded a new production program to supply exhaust gas recirculation sensors for a leading EGR valve supplier serving the Chinese and Korean markets. These new business wins further demonstrate CTS’ continuing success in the rapidly growing Asian markets.
Total revenues from these awards are expected to exceed $17 million over the five-year life of these programs. The pedal module programs have expected revenues of approximately $10 million with first deliveries in 2013 and will be manufactured in CTS’ Zhongshan, China facility. The EGR program has expected revenue of approximately $7 million and will be manufactured in CTS’ Elkhart, Indiana facility starting this year.
For more information on CTS’ accelerator pedal products, please contact Ken Kochanowski at 574-389-2749. For more information on CTS’ sensor products, please contact Doug Grover at 574-389-2853.
About CTS Automotive
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 sensor and actuator products in Elkhart, Indiana; Toronto, Canada; Glasgow, Scotland; Ostrava, Czech Republic; Matamoros, Mexico; Kaohsiung, Taiwan; and Zhongshan, China.
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, communications, medical, defense and aerospace, industrial and computer 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 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; unanticipated issues in integrating acquisitions; rapid technological change; general market conditions in the automotive, communications and computer industries, as well as conditions in the industrial, defense and aerospace and medical markets; reliance on key customers; unanticipated natural or other events such as the Japan earthquake and floods in Thailand; the ability to protect our intellectual property; pricing pressures and demand for our products; and risks associated with our international operations, including trade and tariff barriers, exchange rates and political and geographical risks. For more detailed information on the risks and uncertainties associated with CTS’ business, see the reports CTS files with the Securities and Exchange Commission 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.
Thomas A. Kroll, Vice President and Chief
Financial Officer, or
|CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514|
|Telephone: 574-523-3800, Fax: 574-293-6146|