inTEST Experiences Strong Growth in its Electric Vehicle Market Penetration
February 16 2021 - 6:30AM
inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process solutions for use in manufacturing and
testing across a wide range of markets, including automotive,
defense/aerospace, energy, industrial, semiconductor and
telecommunications, announced today that it continues to experience
strong growth in its automotive and electric vehicle (EV) market
penetration. “We are making great strides in this emerging market,”
noted Nick Grant, inTEST President and CEO. “inTEST’s Thermal
Products Segment’s subsidiary, Ambrell Corporation, continues to
make strong contributions to the Company’s diversification
strategy, and we see the EV market as one of the early successes in
our renewed focus on end markets and applications.”
Ambrell is a leader in the induction heating industry and has
become a key partner and supplier for automotive manufacturers and
their integrators which produce a broad range of EV models. inTEST
has recently been awarded several significant automotive projects
in the EV market, with Ambrell equipment installations at EV
manufacturing plants in North America and Asia. Ambrell’s
EASYHEATTM and EKOHEAT® power supplies are used in a variety of EV
applications and are renowned for their ability to consistently
deliver process heating solutions that are fast, precise,
repeatable and safe. In addition, Ambrell is gaining recognition
from automotive manufacturers across the globe for its EV
consultative services and applications laboratory support provided
by Dr. Girish Dahake, Sr. Vice President of Global Applications,
and his team of engineers. On the strength of Ambrell’s high
quality, dependable power supplies combined with extensive
application expertise and support, Ambrell continues to be a
preferred supplier for EV manufacturers worldwide.
“We are pleased with the market acceptance and adoption of our
technology by leading EV manufacturers,” added Mr. Grant. “This is
a high-profile example of inTEST’s strategy to focus on end
markets, applications and product development for higher growth
opportunities. Ambrell’s reputation for subject matter expertise in
EV applications has grown dramatically in recent years, and we are
extremely proud to partner with some of the world’s leading OEMs in
this automotive sector. To meet the ever-increasing demands for our
products and services in the EV arena, Ambrell has recently
broadened its product portfolio and we’ve invested heavily in their
state-of-the-art applications laboratory and in the expansion of
their team of induction heating engineers. In addition, Ambrell
recently added a Business Development Manager to drive further
penetration in this expanding market. These investments are a
testament to our commitment in meeting the rigorous requirements of
EV applications.” Mr. Grant concluded, “We’re excited about
Ambrell’s important role in future EV projects and we look forward
to serving our partners in this new, emerging era of automotive
manufacturing.”
About inTEST CorporationinTEST
Corporation is a global supplier of innovative test and process
solutions for use in manufacturing and
testing across a wide range of markets including automotive,
defense/aerospace, energy, industrial, semiconductor and
telecommunications. Backed by decades of engineering expertise and
a culture of operational excellence, we solve difficult thermal,
mechanical and electronic challenges for customers worldwide while
generating strong cash flow and profits. Our strategy uses these
strengths to grow and increase stockholder value by maximizing our
businesses and by identifying, acquiring and optimizing
complementary businesses.
For more information visit www.intest.com.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. These statements do not convey
historical information but relate to predicted or potential future
events and financial results, such as statements of our plans,
strategies and intentions, or our future performance or goals, that
are based upon management's current expectations. Our
forward-looking statements can often be identified by the use of
forward-looking terminology such as “believes,” “expects,”
“intends,” “may,” “will,” “should,” “plans,” “projects,”
“forecasts,” “outlook,” “anticipates” or similar terminology. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. Risks and uncertainties include, but are not
limited to, any mentioned in this press release as well as the
impact of the COVID-19 pandemic on our business, liquidity,
financial condition and results of operations; indications of a
change in the market cycles in the Semi Market or other markets we
serve; changes in business conditions and general economic
conditions both domestically and globally; changes in the demand
for semiconductors; the success of our strategy to diversify our
business by entering markets outside the Semi Market; our ability
to successfully consolidate our EMS operations without any impacts
on customers shipments; changes in the rates and timing of capital
expenditures by our customers; and other risk factors set forth
from time to time in our Securities and Exchange Commission
filings, including, but not limited to, our annual report on Form
10-K for the year ended December 31, 2019 and our quarterly reports
on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020
and September 30, 2020. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks to circumstances only as of the date on which it
is made. We undertake no obligation to update the information in
this press release to reflect events or circumstances after the
date hereof or to reflect the occurrence of anticipated or
unanticipated events.
Contacts |
|
inTEST Corporation |
Investors: |
Hugh T. Regan, Jr. |
Laura Guerrant-Oiye,
Principal |
Treasurer and Chief Financial
Officer |
Guerrant Associates |
Tel: 856-505-8999 |
laura@ga-ir.com |
|
Tel: (808) 960-2642 |
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