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CTS
CORPORATION Elkhart, Indiana 46514 • (574)
523-3800
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October 7, 2008
FOR RELEASE: Immediately
CTS Secures Next Generation Pedal Business
with a Major
Japanese Automotive Manufacturer
First Three Platform Awards Begin with North American and European Passenger Vehicles
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products was awarded follow-on production programs for a new Electronic Throttle Control (ETC) Accelerator Pedal Module. These awards come from an existing Japanese OEM, thereby solidifying our future business relationship with one of the largest global automotive manufacturers.
These pedals will be built at facilities in North America and Europe beginning late 2010 and mid-2011. Total revenue from these awards is expected to exceed $24 million over the five year life of the program. Additional awards for the next generation Accelerator Pedal Module are expected.
The Accelerator Pedal Module targeted for this initial release is the first of its kind to adopt an improved design standard. CTS was selected over several other competitors based on its ability to provide a new pedal design that met objectives for performance, weight and price.
To find
out more about CTS’ quality ETC pedal modules, please contact Ken
Kochanowski at (574) 389-2749.
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.”
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.
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, potential changes in the economy generally
and in respect to the businesses in which CTS operates; rapid technological
change in the automotive, communications and computer industries; reliance
on key customers; CTS’ ability to protect its intellectual property; pricing
pressures and demand for CTS’ products; and risks associated with CTS’
international operations, including trade and tariff barriers, exchange
rates and political and geopolitical risks. 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 |