(Source: Business Wire)
CTS Corporation (NYSE: CTS) today announced that it was awarded a new
production program for a small engine throttle position sensor (SETPS)
by an Indian Tier 1 supplier. The SETPS will be part of the carburetor
assembly on engines for motorcycles produced by a major Indian
motorcycle manufacturer for the Indian market. The SETPS will be a key
component that will enable the motorcycle manufacturer to meet
tightening emission standards that are being introduced in India.
Production is anticipated to begin late 2009 with 2010 revenues from
this initial win approximating $1.5 million, with additional growth
potential as multiple platforms adopt this technology.
The large Indian motorcycle market, with approximately seven million
two-wheeled motorized vehicles being produced annually, continues to
experience strong growth. As emission laws are tightened through the
implementation of Bharat Stage III and IV emissions requirements, and
more OEMs adopt sensor technology, CTS is well-placed to grow its sales
in India. To enhance opportunities in this market, CTS recently
announced opening a liaison office near New Delhi and has entered into a
Marketing Agreement with ZF Electronics TVS.
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." 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 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.
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