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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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June 2, 2008
FOR RELEASE: Immediately
CTS Corporation Authorizes Buyback of Up to One
Million Shares
of
Company Stock
Elkhart, IN…CTS Corporation (NYSE: CTS) today announced that its Board of Directors authorized the repurchase of up to one million of its outstanding shares of common stock, for cash, in the open market on the New York Stock Exchange or in privately negotiated transactions. The one million shares would represent approximately three percent of the Company’s 34 million outstanding shares of common stock. During the first quarter 2008, CTS completed the previously authorized two million share program dated July 2, 2007.
The
purchases will be made from generally available funds of the Company. The
amount, timing and price of purchases will depend on market conditions and other
factors.
About CTS
CTS is a leading designer and manufacturer of electronic components and
sensors and a provider of electronics manufacturing services (EMS) to OEMs in
the automotive, computer, communications, medical, defense and aerospace and
industrial markets. CTS manufactures products in North America, Europe and Asia.
CTS' stock is traded on the NYSE under the ticker symbol "CTS.”
Safe Harbor Statement
This press release contains statements that are, or may be deemed to be,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include, but
are not limited to, any financial or other guidance, statements that reflect our
current expectations concerning future results and events, and any other
statements that are not based solely on historical fact. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. These forward-looking statements are made subject
to certain risks, uncertainties and other factors, which could cause our actual
results, performance or achievements to differ materially from those presented
in the forward-looking statements, including, without limitation, potential
changes in the economy generally and in respect to the businesses in which CTS
operates; rapid technological change in the automotive, communications and
computer industries; reliance on key customers; CTS’ ability to protect its
intellectual property; pricing pressures and demand for CTS’ products; and risks
associated with CTS’ international operations, including trade and tariff
barriers, exchange rates and political and geopolitical risks. For more
detailed information on the risks and uncertainties associated with CTS’
business, see the reports CTS files with the SEC, available at
http://www.ctscorp.com/investor_relations/investor.htm. CTS undertakes no
obligation to publicly update its forward-looking statements to reflect new
information or events or circumstances that arise after the date hereof,
including market or industry changes.
| Contact: |
Donna L. Belusar, Senior Vice President and Chief
Financial Officer |
| CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
| Telephone: (574) 523-3800, Fax: (574) 293-6146 | |
| www.ctscorp.com |