Methode Electronics Awarded Integrated Center Stack Program from General Motors
November 12 2010 - 4:41PM
Business Wire
Methode Electronics, Inc. (NYSE: MEI), a global developer of
custom engineered and application specific products and solutions,
has been awarded a next generation integrated center stack program
for multiple General Motors vehicle platforms. The center stacks
will be featured on certain vehicles starting in model year 2013,
and are expected to have a five-year program life. Center stack
production will begin during Methode's fiscal year 2013 and is
expected to represent over $100 million in revenue per year
starting in fiscal year 2014. Actual revenue will depend on a
number of factors, including consumer demand for General Motors'
vehicles.
Methode's President and Chief Executive Officer Donald W. Duda
said, "This program is a significant win for Methode, and our first
integrated center stack award with General Motors. This new
business helps confirm that our user-interface strategy of bringing
complete solutions to our customers with technology and
manufacturing know-how is working."
About Methode Electronics: Methode Electronics, Inc. (NYSE: MEI)
is a global manufacturer of component and subsystem devices with
manufacturing, design and testing facilities located around the
world. Methode designs and manufactures devices within a wide
diversity of markets employing electrical, electronic, wireless,
sensing and optical technologies to control and convey signals
through sensors, user-interfaces, interconnections and controls.
Further information can be found at Methode's website at
www.methode.com.
Forward-Looking Statements:
This press release contains certain forward-looking statements,
which reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements are subject to the safe harbor
protection provided under the securities laws. Methode undertakes
no duty to update any forward-looking statement to conform the
statement to actual results or changes in Methode's expectations on
a quarterly basis or otherwise. The forward-looking statements in
this press release involve a number of risks and uncertainties. The
factors that could cause actual results to differ materially from
our expectations are detailed in Methode's filings with the
Securities and Exchange Commission, such as our annual and
quarterly reports. Such factors may include, without limitation,
the following: (1) dependence on a small number of large customers,
including two large automotive customers; (2) dependence on the
automotive, appliance, computer and communications industries; (3)
seasonal and cyclical nature of some of our businesses; (4) ability
to compete effectively; (5) customary risks related to conducting
global operations; (6) ability to keep pace with rapid
technological changes; (7) ability to avoid design or manufacturing
defects; (8) ability to protect our intellectual property; (9)
dependence on the availability and price of raw materials; (10)
ability to successfully benefit from acquisitions; (11) currency
fluctuations; (12) unfavorable tax laws; (13) the future trading
price of our stock; and (14) the risk of owning real property.
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