newsrelease |
CTS CORPORATION Elkhart, Indiana 46514 • (574) 523-3800 |
January 25, 2012
FOR RELEASE: Immediately
CTS Completes Acquisition of Valpey-Fisher Corporation
Expands CTS' Highly Engineered Frequency Electronic Component Products
Elkhart, IN. . .CTS Corporation (NYSE: CTS) today announced
the completion of the acquisition of Valpey-Fisher
Corporation, a publicly held company located in Hopkinton,
Massachusetts. Valpey-Fisher is a recognized technology
leader in the design and manufacture of precision frequency
crystal oscillators with annual sales of approximately $15
million. On November 17, 2011, CTS Corporation
announced that it had signed a definitive agreement for this
acquisition. The acquisition will expand CTS'
technology, and bring strong engineering capabilities and
management leadership to support our strategy of double-digit
top line growth over the next several years in our Components
and Sensors segment.
Treatment of Valpey-Fisher NASDAQ-listed Common Stock
Pursuant to the rules of the NASDAQ Capital Market, a notice
has been submitted to NASDAQ of the intention to voluntarily
withdraw the Valpey-Fisher common stock from listing on the
NASDAQ Capital Market (symbol: VPF) and to voluntarily
terminate the registration of the VPF common stock under the
Securities Exchange Act of 1934. The decision to delist
and deregister the VPF common stock was based on the fact
that, following the effective time of the merger, there were
no shares of VPF common stock outstanding. Appropriate
notifications will be filed with NASDAQ and the SEC within
the time prescribed by SEC and NASDAQ rules to complete the
delisting and deregistration of the VPF common stock.
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."
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 SEC available at .
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: |
Thomas A. Kroll, Vice President and Chief
Financial Officer, or |
CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
Telephone: (574) 523-3800, Fax: (574) 293-6146 | |
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