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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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June 19, 2009
FOR RELEASE: Immediately
CTS Electronics Manufacturing Solutions Selected for Long-Term Manufacturing Contract by Coulomb Technologies, Inc.
Providing
Smart Electric Vehicle Charging Solutions for the Transportation Industry
Elkhart, IN…CTS Corporation (NYSE: CTS) a leading supplier of electronics manufacturing services, was awarded a new three-year manufacturing contract by Coulomb Technologies, Inc., (http://www.coulombtech.com) the leading provider of networked charging stations for plug-in vehicles.
CTS Electronics Manufacturing Solutions (CTS EMS) will become the prime supplier of manufactured products from design support, NPI and development, to high level assembly for ChargePoint™ Networked Charging Stations for electric vehicles. Fulfillment and production support are planned from CTS’ facilities in U.S., Europe and Asia with production beginning in mid-2009. Revenues are expected to reach approximately $19 million over the program period.
Starting in late 2009, major OEMs are expected to introduce new alternative energy plug-in vehicles across Europe, North America and Asia. The anticipated demand and growth for these electrified vehicles will help reduce the cost of transportation fuel, greenhouse gas emissions and dependency on foreign oil.
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 |