Elkhart, IN… Dec. 16, 2010 - CTS Corporation (NYSE: CTS) today announced it has reached a definitive agreement to acquire certain assets and liabilities of Fordahl SA, a privately held company located in Brьgg, Switzerland. Revenues are initially estimated at $5 million in 2011 and are expected to grow double-digit over the next several years.
The Fordahl product line brings high performance temperature compensated crystal oscillators (TCXOs) and voltage controlled crystal oscillators (VCXOs), expanding CTS' extensive frequency product portfolio from clocks and crystals to highly-engineered precision ovenized oscillators. The acquisition adds new customers and opens up new market opportunities including products for European military applications.
Vinod M. Khilnani, CTS Chairman and Chief Executive Officer, commented, "We are very pleased to continue our strategic expansion of electronic components capabilities and technologies. The Fordahl product line is capable of meeting the most stringent requirements and now allows CTS to offer products for the full industrial temperature range for telecommunications equipment."
The agreement is subject to the approval of Fordahl shareholders and certain conditions typical of an acquisition of this type. CTS expects the transaction to close within the next 30 days.
Nils Engdahl, President of Fordahl SA, will join CTS as the European Operations Manager responsible for the full range of CTS’ and Fordahl’s combined frequency control products.
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.
About Fordahl SA
Fordahl SA was founded in 1981, establishing itself as a European-based global leader in the area of high end miniature frequency control products used in telecommunications, data communications, timing, navigation, military, aerospace and instrumentation systems. Products are marketed globally through sales offices in Europe, North America and Asia.
"Forward-Looking" and "Safe-Harbor" Statements are omitted