MTS Systems Announces Receipt of Contracts for Advanced Sensors for the U.S. Department of Defense Contracts Valued at Up to $187 Million Including Options
EDEN PRAIRIE, Minn., Sept. 13, 2018 /PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and sensors, today announced that its Sensor Business Unit has been awarded Purchase Orders totaling up to approximately $187 million, inclusive of options, for advanced technology sensors to be used in systems for the U.S. Department of Defense. These Purchase Orders have been awarded and funded up to $20 million and include option clauses which are expected to be awarded incrementally up to an additional $167 million throughout the performance period of each contract. Delivery of these sensors will begin in the company's fiscal 2019, and be completed over the next five to seven years.
Commenting on this award, Mr. David Hore, President of MTS Sensors said, "We are honored to be awarded this program in support of our Nation's defense. It represents the culmination of many years of development efforts on the part of our Sensor Team, working closely with prime system contractors and the U.S. military. Through these efforts we have demonstrated an ability to deliver outstanding sensor technology while meeting the rigorous quality, reliability and delivery standards needed to support the expanding needs of our military."
Dr. Jeffrey Graves, President and CEO of MTS Systems, stated, "We are extremely proud of our Sensors group, and their demonstrated ability to deliver this advanced sensor technology to the market. Through the combination of new product technologies and a strong focus on 'total customer satisfaction' across the markets that we now serve, we believe our Sensor business is very well positioned for exciting, double-digit growth for many years to come."
About MTS Systems Corporation
MTS Systems Corporation's testing hardware, software and services 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's 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 30, 2017 and revenue of $788 million for the fiscal year ended September 30, 2017. Additional information on MTS can be found at www.mts.com.
CONTACT: Brian Ross, Sr. Vice President and Chief Financial Officer, 952.937.4000
