CTS Awarded Second Actuator Production Program for Active Air Grill Shutter System
CTS Corporation (NYSE: CTS) today announced that CTS Automotive Products
was awarded a second production program to supply brushless motor-driven
actuators for active air grill shutter systems. The actuators will be
used on a U.S. badged SUV supplied through a major tier one supplier,
CTS’ second customer for this application. Total revenues over the
six-year life of the program are expected to be approximately $7
million. The actuators will be manufactured in CTS’ Elkhart, Indiana
facility with deliveries beginning late 2013. CTS began producing air
grill shutters in the second quarter 2012 as a result of a $30 million
production award secured in late 2011.
Active air grill shutter systems significantly improve fuel economy and
reduce emissions by regulating air flow through the engine compartment
based on engine temperatures and vehicle speed. The actuator is the
heart of the system, providing the power to open and close the shutters
as required. The market for these systems is expected to expand rapidly
over the next few years.
Commenting on the new award, Vinod M. Khilnani, CTS Executive Chairman
said, “This second grill shutter actuator program win, combined with our
recent synergistic acquisition of D&R with $50 million in annual sales,
reflects continued success in our sensor and actuator growth strategy.”
For more information on CTS’ actuator products, please contact Doug
Grover at (574) 389-2853.
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; Carol Stream, Illinois; Toronto, Canada;
Glasgow, Scotland; Ostrava, Czech Republic; Matamoros, Mexico; Juarez,
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.” To find out more, visit the CTS Web site at www.ctscorp.com.
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.
