Allied Motion Receives an Additional $65 Million Award for Vehicle Market Solution
December 05 2017 - 6:55AM
Business Wire
Allied Motion Technologies Inc. (NASDAQ: AMOT) (“Company”), a
designer and manufacturer that sells precision motion control
products and solutions to the global market, announced that it
recently won the nomination for an approximate $65 million award to
provide a customer-specific solution for the Company’s Vehicle
market in Asia and Europe. Revenue for the application is expected
to begin ramping up in 2021 and be substantially completed in 2028.
This award is in addition to the previously disclosed Vehicle
market award of $90 million announced in May 2017, bringing the
total received this year to $155 million, an average of
approximately $22.1 million per year during a full seven year
period.
“This is another major award that validates and demonstrates the
success of our growth strategy,” commented Dick Warzala, Chairman
and CEO of Allied Motion. “Our ability to custom engineer and build
highly reliable, quality products and solutions positions us to win
new applications and expand our presence within our Vehicle and our
other served markets.”
About Allied Motion Technologies Inc.Allied Motion
(NASDAQ: AMOT) designs, manufactures and sells precision and
specialty motion control components and systems used in a broad
range of industries within our major served markets, which include
Vehicle, Medical, Aerospace & Defense, and
Industrial/Electronics. The Company is headquartered in Amherst,
NY, has global operations and sells into markets across the United
States, Canada, South America, Europe and Asia.
Allied Motion is focused on motion control applications and is
known worldwide for its expertise in electro-magnetic, mechanical
and electronic motion technology. Its products include brush and
brushless DC motors, brushless servo and torque motors, coreless DC
motors, integrated brushless motor-drives, gear motors, gearing,
modular digital servo drives, motion controllers, incremental and
absolute optical encoders, and other associated motion
control-related products.
The Company’s growth strategy is focused on becoming the motion
solution leader in its selected target markets by leveraging its
“technology/know how” to develop integrated precision motion
solutions that utilize multiple Allied Motion technologies to
“change the game” and create higher value solutions for its
customers. The Company routinely posts news and other important
information on its website at http://www.alliedmotion.com/.
Safe Harbor Statement
The statements in this news release that relate to future plans,
events or performance are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate, or imply future
results, performance, or achievements, and may contain the word
“believe,” “anticipate,” “expect,” “project,” “intend,” “will
continue,” “will likely result,” “should” or words or phrases of
similar meaning. Forward-looking statements involve known and
unknown risks and uncertainties that may cause actual results to
differ materially from the expected results described in the
forward-looking statements. The risks and uncertainties include
those associated with: the domestic and foreign general business
and economic conditions in the markets we serve, including
political and currency risks and adverse changes in local legal and
regulatory environments; the introduction of new technologies and
the impact of competitive products; the ability to protect the
Company’s intellectual property; our ability to sustain, manage or
forecast its growth and product acceptance to accurately align
capacity with demand; the continued success of our customers and
the ability to realize the full amounts reflected in our order
backlog as revenue; the loss of significant customers or the
enforceability of the Company’s contracts in connection with a
merger, acquisition, disposition, bankruptcy, or otherwise; our
ability to meet the technical specifications of our customers; the
performance of subcontractors or suppliers and the continued
availability of parts and components; changes in government
regulations; the availability of financing and our access to
capital markets, borrowings, or financial transactions to hedge
certain risks; the Company's ability to realize the annual interest
expense savings from its debt refinancing; the ability to attract
and retain qualified personnel who can design new applications and
products for the motion industry; the ability to implement our
corporate strategies designed for growth and improvement in profits
including to identify and consummate favorable acquisitions to
support external growth and the development of new technologies;
the ability to successfully integrate an acquired business into our
business model without substantial costs, delays, or problems; our
ability to control costs, including the establishment and operation
of low cost region manufacturing and component sourcing
capabilities; and other risks and uncertainties detailed from time
to time in the Company’s SEC filings. Actual results, events and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements as a
prediction of actual results. Any forward-looking statement speaks
only as of the date on which it is made. New risks and
uncertainties arise over time, and it is not possible for us to
predict the occurrence of those matters or the manner in which they
may affect us. The Company has no obligation or intent to release
publicly any revisions to any forward looking statements, whether
as a result of new information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171205005219/en/
Company:Allied Motion Technologies Inc.Sue Chiarmonte,
716-242-8634
x602sue.chiarmonte@alliedmotion.comorInvestors:Kei Advisors
LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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