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SOURCE MTS Systems Corporation
EDEN PRAIRIE, Minn., Jan. 9, 2014 /PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and position sensors, today announced the grand opening of a vehicle system engineering laboratory in collaboration with Chery Automobile Co. Ltd. in Wuhu, China. The first MTS joint laboratory with a domestic Chinese automotive OEM, the Chery-MTS lab is a center for system and full-vehicle testing applications, as well as the development of new testing technologies.
"Chery is at the forefront of innovation in automotive product development in the China market, so we are very excited to be their testing lab partner," said Bill Hardy, MTS Test Worldwide Vice President of Sales and Marketing. "The opening of this joint lab is the culmination of our long relationship with Chery, demonstrating the close collaboration with our customers that continues to drive our growth."
Chery is the leading domestic automotive manufacturer in China, as well as the leading exporter of cars from China. Founded in 1997 and with capital assets valued at more than $650 million, Chery Automobile Co. Ltd. has seen unrivaled growth in recent years. This growth is seen both domestically and in their export business with a 73% year-over-year increase in 2013 export sales. "This joint lab will help MTS build upon the 26% growth we achieved globally in the automotive segment during fiscal 2013," commented Hardy.
This new lab represents a significant milestone in MTS' commitment to new product development in the automotive market globally and the China market in particular. MTS has had very long-standing relationships with leading automotive OEMs globally and is proud to bring its industry-leading technology to the newer emerging manufacturers such as Chery. As a national automotive energy-saving and environmental-protection engineering lab, this state-of-the-art facility is dedicated to establishing and furthering complete vehicle development at Chery. The lab has several advanced MTS testing systems that will enable Chery to not only use the latest testing methodologies, but explore and develop more advanced methods of vehicle design.
"In 2010, China's automotive market became the largest and fastest growing in the world. It continues to expand rapidly, with an increasing percentage of cars being produced by domestic Chinese manufacturers," said Dr. Jeffery Graves, MTS President and CEO. "The tremendous growth rates realized by Chery since its founding are indicative of the global market trends driving MTS' growth strategy. As the emerging middle class and rapidly increasing environmental regulations in China and elsewhere demand new automotive solutions, MTS is well-positioned to meet the expanding need for new-vehicle testing. We will continue to be a strong partner with our automotive customers so that they can fully participate in the next wave of growth in China."
About MTS Systems Corporation
MTS Systems Corporation is a leading global supplier of high-performance test systems and position sensors. The Company's testing hardware and software solutions help customers accelerate and improve their design, development, and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 2,299 employees at September 28, 2013 and revenue of $569 million for the fiscal year ended September 28, 2013. Additional information on MTS can be found on the worldwide web at http://www.mts.com.
This release contains "forward-looking statements" regarding financial projections made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. Statements made under the heading "Outlook for Fiscal 2014" are forward-looking statements, and words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions identify forward-looking statements in other parts of the release.
Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: government contracting; the Company's significant international business including but not limited to currency value fluctuations, difficulty enforcing agreements and collecting receivables, import and export matters, higher danger of terrorist activity, difficulty in staffing and compliance with laws; volatility in the global economy; competition; failure to achieve the Company's growth plans for the expansion of its business because the Company's long-term success depends on its ability to expand its business through new product development, mergers and acquisitions, geographic expansion and service offerings, all of which are subject to inherent risks including but not limited to market demand, market acceptance of products and the ability to advance technology; costs related to development and manufacture of first-of-its-kind products; difficulties obtaining the services of skilled employees; the implementation of business process changes and associated restructuring of the Test business; failure to protect its intellectual property effectively or infringement upon the intellectual property of others; product liability claims and commercial litigation; difficulty obtaining materials or components for its products; government regulation; the irregularity and development of sales, delivery and acceptance cycle for the Company's products; the Company's customers are in cyclical industries; interest rate fluctuations; the Company may be required to recognize impairment charges for long-lived assets; and cost, reputational and other risks associated with disclosing use of conflict minerals. For a more thorough discussion of the risks associated with our business, see the "Risk Factors" section in the Company's most recent SEC Form 10-K, 10-Q and 8-K filings. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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