CHICAGO, IL--(Marketwired - Jul 27, 2017) - Methode Electronics, Inc. (
As previously announced, Procoplast is in close proximity to several key automotive customers and produces high volume products for Bosch, Kiekert, ZF-TRW and others, which will augment Methode's transmission lead-frame business in Europe. Procoplast's facility includes automated assembly, injection molding and testing equipment.
President and Chief Executive Officer Donald W. Duda said, "This acquisition demonstrates our commitment to expanding our customer base within Automotive, as well as our opportunities in sensors. Additionally, our global manufacturing footprint will provide Procoplast's customers a supplier with a multinational presence."
About Methode Electronics, Inc.
Methode Electronics, Inc. (
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) investment in programs prior to the recognition of revenue; (4) timing, quality and cost of new program launches; (5) ability to withstand price pressure, including pricing concessions; (6) currency fluctuations; (7) customary risks related to conducting global operations; (8) ability to successfully market and sell Dabir surfaces; (9) dependence on our supply chain; (10) income tax rate fluctuations; (11) dependence on the availability and price of raw materials; (12) fluctuations in our gross margins; (13) location of a significant amount of cash outside of the U.S.; (14) the effect of a catastrophic event or significant business interruption at one of our facilities; (15) ability to keep pace with rapid technological changes; (16) a breach of our information technology systems; (17) ability to avoid design or manufacturing defects; (18) ability to compete effectively; (19) ability to protect our intellectual property; (20) ability to successfully benefit from acquisitions and divestitures; (21) the recognition of impairment charges; and (22) costs and expense due to regulations regarding conflict minerals.
For Methode Electronics, Inc. - Investor Contacts: Kristine Walczak Dresner Corporate Services 312-780-7205 kwalczak@dresnerco.com
