Key Tronic Corporation Awarded New Contract With One of the World’s Leading Power Equipment Companies
November 30 2021 - 4:05PM
Key Tronic Corporation (Nasdaq: KTCC), a provider
of manufacturing and design engineering services, today announced
that it expects to begin manufacturing in 2022 for one of the
world’s leading power equipment companies.
Key Tronic has been awarded the manufacturing, as well as the
next generation design of an industry leading, innovative power
equipment product. Initial production is expected to ramp in 2022
at the Key Tronic manufacturing campus in Juarez, Mexico. Once
fully ramped, annual revenue could approach $80 million
dollars.
“We are looking forward to the design and manufacturing
expertise of Key Tronic to help accelerate introduction of new
products, as well as enhance our ability to increase product
availability to fulfill the anticipated overwhelming demand,” said
the CEO of Key Tronic’s new customer.
“We are very excited to be working with a recognized leader in
the power equipment industry,” said Craig Gates, President and CEO
of Key Tronic. “Our new customer is a well-known and a highly
respected company. This important new strategic relationship
represents an expansion of our customer base and should contribute
to profitable long term growth.”
About Key Tronic
Key Tronic is a leading design engineering and contract
manufacturer offering value-added design and manufacturing services
from its facilities in the United States, Mexico, China and
Vietnam. Key Tronic provides its customers full engineering
services, materials management, worldwide manufacturing facilities,
assembly services, in-house testing, and worldwide distribution.
Its customers include some of the world’s leading original
equipment manufacturers. For more information about Key Tronic
visit: www.keytronic.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to those including words such as aims, anticipates,
believes, could, estimates, expects, hopes, intends, plans,
predicts, projects, targets or will, similar verbs, or nouns
corresponding to such verbs, which may be forward-looking.
Forward-looking statements also include other passages that are
relevant to expected future events or revenue or that can only be
fully evaluated by events that will occur in the future.
Forward-looking statements in this release include, without
limitation, Key Tronic’s opportunities and its partnership with a
new customer, including potential success and related revenues.
There are many factors, risks and uncertainties that could cause
actual results to differ materially from those predicted or
projected in forward-looking statements, including but not limited
to: the success and timing of ramping of production; availability
and timing and receipt of critical parts or components; demand from
customers and sales channels; the future of the global economic
environment and its impact on our customers and suppliers,
particularly during the COVID-19 health crisis; the availability of
a healthy workforce; the accuracy of suppliers’ and customers’
forecasts; success of new product introductions; the risk of legal
proceedings or governmental investigations relating to the subject
of the internal investigation by Key Tronic’s Audit Committee and
related or other unrelated matters; changes in pricing policies by
Key Tronic, its competitors, customers or suppliers; impact of new
governmental legislation and regulation, including tax reform,
tariffs and related activities, such as trade negotiations and
other risks including those related to COVID-19 response; and other
factors, risks and uncertainties detailed from time to time in the
Key Tronic’s SEC filings, including its most recent annual report
and subsequent quarterly report.
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CONTACTS: |
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Brett Larsen |
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Michael Newman |
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Chief Financial Officer |
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Investor Relations |
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Key Tronic Corporation |
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StreetConnect |
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(509) 927-5500 |
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(206) 729-3625 |
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