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.
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 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.