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CTS
CORPORATION Elkhart, Indiana 46514 574-523-3800
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July 9, 2012
FOR RELEASE: Immediately
CTS Awarded New Accelerator Pedal Module
Production Programs
Elkhart, IN. . .CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products has been awarded three new production programs for its Electronic Throttle Control (ETC) Accelerator Pedal Modules and pedal position sensors. These programs further strengthen CTS’ position with key existing customers, and will result in an increase in CTS’ global market share.
The first pedal module program is for one of the North American luxury models of a major Japanese vehicle manufacturer. The other program is for a European economy car platform shared by two vehicle manufacturers, one of which is a new customer for CTS. Deliveries will begin in 2014. CTS will also supply pedal position sensors to a major Tier 1 supplier for the European vehicle market, with shipments beginning in late 2012. Total revenues from these awards are expected to reach approximately $25 million over the anticipated program lives.
For more information on CTS’ accelerator pedal products, 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 sensor and actuator 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, 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.
| Contact: |
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 | |