CTS Corporation Announces the Sale of the Anemostat Products Divisions.ELKHART, Ind.--(BUSINESS WIRE)--March 29, 1999--In connection with their Asset Purchase Agreement dated March 18, 1999, CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . Corporation announced today that the Anemostat Products and Anemostat-West Divisions of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Dynamics Corporation of America (DCA (1) (Document Content Architecture) IBM file formats for text documents. DCA/RFT (Revisable-Form Text) is the primary format and can be edited. DCA/FFT (Final-Form Text) has been formatted for a particular output device and cannot be changed. ), have been sold to Mestek, Inc. Terms of the sale were not disclosed. The transaction closed on Friday, March 26, 1999. The Anemostat Products Divisions manufacture commercial air distribution products, security air distribution products, fume-hood control systems, and vision frame and louver louver Arrangement of parallel, horizontal blades or slats of glass, wood, or other material designed to regulate airflow or light penetration. Louvers are often used in windows or doors to allow air or light in while keeping the elements out. products for fire rated doors for the commercial construction industry at facilities located in Scranton, Pennsylvania and Carson, California. The sale of Anemostat brings to completion activities related to the divestiture of noncore businesses of DCA, which was acquired by CTS Corporation in October 1997. This will allow CTS to provide complete focus on its electronic component and electronic assembly business segments. This announcement comes one month after finalization of the acquisition of Motorola's Component Products Division (CPD), now called CTS Wireless Components, Inc. Today, with the CPD acquisition, approximately 40% of CTS' annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue is generated from component product sales to the wireless communications industry, which is experiencing growth rates in excess of 15%. Mestek, Inc., listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (MCC), is a diversified manufacturer of heating, ventilating and air conditioning equipment, metal hose and hose products, aluminum extrusions, metal-forming machinery and vertically integrated software systems. Mestek believes that the Anemostat businesses will supplement and support its current louver and damper businesses. For additional news on CTS Corporation, visit our website at www.ctscorp.com...Home Page...What's New. CTS Corporation, listed on the New York Stock Exchange, (NYSE NYSE See: New York Stock Exchange :CTS), is primarily a diversified manufacturer of electronic components and custom electronic assemblies principally for the computer equipment, automotive and communications equipment markets. The Company, headquartered in Elkhart, Indiana, operates manufacturing plants in the United States and abroad. |
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