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CTS Corporation Announces the Sale of the Anemostat Products Divisions

30 March 1999

CTS Corporation Announces the Sale of the Anemostat Products Divisions

    ELKHART, Ind.--March 29, 1999--In connection with their Asset Purchase Agreement dated March 18, 1999, CTS Corporation announced today that the Anemostat Products and Anemostat-West Divisions of its wholly owned subsidiary, Dynamics Corporation of America (DCA), have been sold to Mestek, Inc. Terms of the sale were not disclosed. The transaction closed on Friday, March 26, 1999.
    The Anemostat Products Divisions manufacture commercial air distribution products, security air distribution products, fume-hood control systems, and vision frame and louver products for fire rated doors for the commercial construction industry at facilities located in Scranton, Pennsylvania and Carson, California. The sale of Anemostat brings to completion activities related to the divestiture of noncore businesses of DCA, which was acquired by CTS Corporation in October 1997. This will allow CTS to provide complete focus on its electronic component and electronic assembly business segments.
    This announcement comes one month after finalization of the acquisition of Motorola's Component Products Division (CPD), now called CTS Wireless Components, Inc. Today, with the CPD acquisition, approximately 40% of CTS' annualized revenue is generated from component product sales to the wireless communications industry, which is experiencing growth rates in excess of 15%.
    Mestek, Inc., listed on the New York Stock Exchange (MCC), is a diversified manufacturer of heating, ventilating and air conditioning equipment, metal hose and hose products, aluminum extrusions, metal-forming machinery and vertically integrated software systems. Mestek believes that the Anemostat businesses will supplement and support its current louver and damper businesses.

    For additional news on CTS Corporation, visit our website at www.ctscorp.com...Home Page...What's New.

    CTS Corporation, listed on the New York Stock Exchange, , is primarily a diversified manufacturer of electronic components and custom electronic assemblies principally for the computer equipment, automotive and communications equipment markets. The Company, headquartered in Elkhart, Indiana, operates manufacturing plants in the United States and abroad.