MTS Awarded Two Contracts Valued At $17 Million Collectively
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Awards underscore MTS' strength in developing solutions targeting environmental impact, energy conservation and sustainability
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EDEN PRAIRIE, Minn., Oct. 1, 2020 /PRNewswire/ -- MTS Systems Corporation (Nasdaq: MTSC), a leading global supplier of advanced test systems, motion simulators and precision sensors, today announced two new awards for its test and simulation business totaling $17 million in contractual value.
MTS will partner with a leading multi-national engineering and manufacturing conglomerate to provide a fault ride through tester for its offshore wind business. This first-of-a-kind solution will help maintain power generation stability of today's large offshore wind turbines.
Today's fault ride through testers can simulate grid failures up to 33kV, but as the size and power of turbines continues to grow, larger capacity grids are necessary, and today's wind turbine parks use 66kV connections. MTS and its partner will be the first to provide a fault ride through solution to help protect wind turbines operating on 66kV.
MTS is also pleased to partner with an industry-leading commercial vehicle manufacturer to design a unique simulator that will provide a more economical means of deriving frame, suspension and chassis performance characteristics earlier in the vehicle development cycle, allowing for faster innovations, including development of next-generation electric commercial vehicles.
The new MTS road simulator will help its partner facilitate product design innovations aimed at reducing emissions for its heavy commercial vehicles. Additionally, MTS' ability to help simulate vehicle performance before full development will help its partner save time and cost and allow it to bring new commercial vehicle innovations to market faster.
"Innovation is at the core of MTS' values and I am pleased that we will support our partners with unique solutions that help them achieve their goals. Importantly, these awards are strategically aligned with our own cultural values and dedication to promoting environmental sustainability," says Randy J. Martinez, MTS Interim President and CEO. "We continue to extend our global presence and deepen our expertise in developing solutions to build a more sustainable world and have established an exciting pipeline of future opportunities aimed at this mission. Our wind testing business continues to see growing momentum as governments stimulate their economies with infrastructure spending."
ABOUT MTS SYSTEMS CORPORATION
MTS Systems Corporation's testing and simulation hardware, software and service 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 sensors provide measurements of vibration, pressure, position, force and sound in a variety of applications. MTS had 3,500 employees as of September 28, 2019 and revenue of $893 million for the fiscal year ended September 28, 2019. Additional information of 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. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions identify forward-looking statements in this release. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements are based on our current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Risks, uncertainties and assumptions that could cause our actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. The reports referenced above are available on our website at www.mts.com or on the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events or circumstances.
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SOURCE MTS Systems Corporation
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