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SOURCE MTS Systems Corporation
EDEN PRAIRIE, Minn., July 9, 2014 /PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and position sensors, today announced that in conjunction with its initiative to accelerate technology development, it has created a new Motorsports Technology Group in the Test business. This group is dedicated to providing advanced technical solutions and support to the motorsports market sector of the automotive industry. Motorsports is a strategically important global business of highly engaged participants and sponsors, and a loyal, technically informed audience. The advanced systems developed by MTS are designed to address the unique technical challenges encountered in motorsports. Historically, MTS has solved these challenges and then broadly applied the technology to test systems in the OEM automotive sector. Almost all OEM automotive companies compete in one or more of the principle racing series, including Formula 1 (F1), NASCAR and the new all-electric series, Formula E.
"Motorsports companies are experts in continuous improvement, aggressive cycle-time reductions, efficient design, and technology innovation," stated the group's new leader, Professor Mark Gillan, Ph.D. "Motorsports divisions of the major automotive OEMs are also currently leading the development of advanced Energy Recovery Systems (ERS) to improve fuel efficiency without compromising either driving characteristics or performance. In order to support their dynamic business, they need equally dynamic, well-informed and results-driven technology partners who can ideally make the sometimes seemingly impossible tasks possible. This is where MTS excels."
MTS has a long and proud history of innovation in motorsports testing systems. Examples include the MTS wind tunnel test system suite, the heart of which is the world's first single steel belt rolling road system, and the F1 transmission test system, which incorporates a unique high-speed, ultra-low inertia electric input motor that can replicate the highly complex F1 operating environment. These innovative test systems have transformed the development process for F1 vehicles and have been adopted by the automotive OEM's worldwide.
"MTS' proven expertise and innovation in the motorsports arena has created exciting market opportunities for us," said Dr. Mike Jost, Senior Vice President and General Manager of MTS Test. "As an example, since our first installation of a rolling road system in 1999, we have continued to develop and enhance this offering. Today, the technology is used in a wide range of automotive applications and recently has been extended to the aerospace industry for take-off and landing optimization studies. We have sold over 20 rolling road systems worldwide, generating over $250 million in revenue, while helping our customers reduce their development cycle time and improve the performance of their new product designs. Once again, this is a clear example of how our motorsports innovation helps feed the larger market sectors."
"The new Motorsports Technology Group is an agile, highly skilled team that will build on the long track record of success in delivery, innovation and future vision," commented Dr. Jeffrey Graves, President and Chief Executive Officer of MTS Systems. "This group will serve as an incubator for new MTS technologies that can be leveraged to support our growth objectives in the coming years. We have high expectations for this talented group and look forward to the exciting new products as they are introduced in the future."
About MTS Systems Corporation
MTS Systems Corporation'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 at www.mts.com.
This release contains "forward-looking statements" 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" 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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