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January
27, 2010
FOR RELEASE:
Immediately
CTS
Comments on Toyota’s January 21 Safety Voluntary Recall
Elkhart, IN…CTS Corporation (NYSE: CTS) today provided comments on Toyota’s
recent accelerator pedal recall. As previously announced by Toyota, the January
21 voluntary recall results from what Toyota described as “a rare set of
conditions which may cause the accelerator pedal to become harder to depress,
slower to return or, in the worst case, stuck in a partially depressed
position.” Toyota said this condition “is rare and occurs gradually over a
period of time.”
As has been publically stated by Toyota,
we have no knowledge of any accidents or injuries that have resulted from this
rare potential condition. Based on information that Toyota has provided us, we
are aware of fewer than a dozen instances where this condition has occurred,
and in no instance did the accelerator actually become stuck in a partially
depressed condition.
As Toyota stated, this recall is different
from and unrelated to the “sudden, unintended acceleration issue” which was the
subject of the November 2009 Toyota recall. In the November recall, the pedals
in Toyota models dated back to model year 2002. CTS became a pedal supplier in
2005. Accordingly, our products are not implicated by the November 2009
recall. The products we supply to Toyota, including the pedals covered by
the recent recall, have been manufactured to Toyota’s design specifications.
Toyota is a small, but important, customer
of CTS, representing approximately 3% of our annual sales. CTS has been
actively working with Toyota for awhile to develop a new pedal to meet tougher
specifications from Toyota. The newly designed pedal is now tested and
parts are beginning to ship to some Toyota factories.
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, communications, medical, defense and
aerospace, industrial and computer markets. CTS manufactures products in North
America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker
symbol "CTS.”
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