|
|
News Breaks | | | | January 13, 2013 | | 13:44 EDT |  | CTS | CTS awarded second actuator production program
CTS Corporation 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 $7M. 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 $30M production award secured in late 2011. | |
|
News For CTS From The Last 14 Days Check below for free stories on CTS the last two weeks. |
|
|
| June 11, 2013 | | 16:43 EDT | | CTS | CTS announces consolidation of facilities, additional 1M shares to repurchase
To improve capacity utilization and operating profit on a go-forward basis, CTS will simplify its global footprint by consolidating manufacturing facilities into existing locations. This process has already started in Singapore and the company has entered into a period of consultation with employees at its operation located in Glasgow, Scotland. Additional optimizations are being evaluated along with the implementation of a leaner corporate cost structure. The costs associated with these actions are expected to be included in a restructuring beginning this quarter. The company estimates that the pre-tax restructuring charge, assuming all the plans proceed, will total approximately $16M - $20M, including $10M-$15M during 2013 and the balance in 2014. Approximately one-third of the total cost is expected to be non-cash. The anticipated annualized go-forward cost savings from the steps announced today are expected to be in the range of $8M - $10M once fully implemented in 2014, a portion of which will be realized beginning in 2H13.The company will repatriate approximately $30M to the U.S. from Singapore. The funds will be used to pay down debt and buyback shares. While this transfer of funds will have a book tax cost of approximately 33c per diluted share, such cost is essentially cash-free due to the availability of net operating loss carryforward. The board has authorized the repurchase of up to an additional one million of the company’s outstanding common shares to supplement the company’s current stock buyback program | | | 16:32 EDT | | CTS | CTS Corporation announced consolidation of facilities, share buy back
 Subscribe for More Information | |
|
|
|
|
|
|
