CTS Corporation Investing $16 Million in New ``Application Specific Networks'' Capacity.
ELKHART, Ind.--(BUSINESS WIRE)--Oct. 12, 2000
CTS Corporation (NYSE:CTS) announced today that it will initially invest $16 million, for the introduction and ongoing development of a new family of high frequency bus products being engineered by its Application Specific Networks Product Group, located in Berne, Indiana, (CTS Corporation, September 22, 2000, news release: "CTS Corporation Announces Formation of Application Specific Networks Product Group).
Today's high frequency data busses require application specific networks to reduce transmission losses and signal distortion and, at times, provide bias voltage. CTS' Application Specific Networks Product Group was formed to address the electronic industry's growing demand for high frequency bus network products used primarily in computer equipment as well as communications system applications.
The multimillion dollar expansion investment will create new cleanroom facilities and will be used to acquire the production equipment required to support the manufacture, in 2001, of CTS' new high frequency bus products. CTS is working with major original equipment manufacturers, to both define specific high frequency data bus opportunities and to test prototype products. The first of several CTS high frequency bus network products will be announced in late Q4 2000, with additional product introductions throughout 2001.
Tim Hartigan, vice president and general manager of CTS' Resistor/Electrocomponents business, Berne, Indiana, stated, "As market demand for CTS' new high frequency bus products develops, further investment will be required. We estimate that we will create as many as 90 new jobs by the end of 2001, as our new production capabilities come on line."
CTS Corporation (NYSE:CTS) designs, manufactures and sells a broad line of electronic components and custom electronic assemblies for OEM customers primarily in the communications equipment, automotive and computer equipment markets worldwide. CTS operates manufacturing facilities in the United States, Canada, Mexico, Scotland, Singapore, Taiwan and China. For additional information, visit our website at www.ctscorp.com.