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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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June 9, 2009
FOR RELEASE: Immediately
CTS Awarded Production Program for Accelerator
Pedal Modules
with a Major Japanese Automotive Manufacturer
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products has been awarded a production program for its Electronic Throttle Control (ETC) Accelerator Pedal Modules from a major Japanese vehicle manufacturer. This accelerator pedal module will be used on a popular small-car platform sold in North America.
First deliveries of these pedals will start in late 2010. Revenues from this award are expected to reach approximately $34 million over the five-year life of the program. This growth opportunity in North America reflects an excellent long-term customer relationship built on CTS’ engineering excellence and the quality of its products.
“In the current challenging economic environment, CTS is pleased to win new business and increase its market share with one of the prestigious Japanese automotive OEMs. This award reflects CTS’ ability to penetrate key global customers beyond the initial platform win. Counting this win, sales to this customer will nearly double to approximately $27 million annually by 2011,” stated Vinod M. Khilnani, CTS Chairman and Chief Executive Officer.
For more
information on ETC Accelerator Pedal Modules, 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 automotive and related 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, 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; 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 |