EDEN PRAIRIE, Minn.,
Oct. 1, 2020 /PRNewswire/ -- MTS
Systems Corporation (Nasdaq: MTSC), a leading global supplier of
advanced test systems, motion simulators and precision sensors,
today announced two new awards for its test and simulation business
totaling $17 million in contractual
value.
MTS will partner with a leading multi-national engineering and
manufacturing conglomerate to provide a fault ride through tester
for its offshore wind business. This first-of-a-kind solution will
help maintain power generation stability of today's large offshore
wind turbines.
Today's fault ride through testers can simulate grid failures up
to 33kV, but as the size and power of turbines continues to grow,
larger capacity grids are necessary, and today's wind turbine parks
use 66kV connections. MTS and its partner will be the first to
provide a fault ride through solution to help protect wind turbines
operating on 66kV.
MTS is also pleased to partner with an industry-leading
commercial vehicle manufacturer to design a unique simulator that
will provide a more economical means of deriving frame, suspension
and chassis performance characteristics earlier in the vehicle
development cycle, allowing for faster innovations, including
development of next-generation electric commercial vehicles.
The new MTS road simulator will help its partner facilitate
product design innovations aimed at reducing emissions for its
heavy commercial vehicles. Additionally, MTS' ability to help
simulate vehicle performance before full development will help its
partner save time and cost and allow it to bring new commercial
vehicle innovations to market faster.
"Innovation is at the core of MTS' values and I am pleased that
we will support our partners with unique solutions that help them
achieve their goals. Importantly, these awards are strategically
aligned with our own cultural values and dedication to promoting
environmental sustainability," says Randy
J. Martinez, MTS Interim President and CEO. "We continue to
extend our global presence and deepen our expertise in developing
solutions to build a more sustainable world and have established an
exciting pipeline of future opportunities aimed at this mission.
Our wind testing business continues to see growing momentum as
governments stimulate their economies with infrastructure
spending."
ABOUT MTS SYSTEMS CORPORATION
MTS Systems Corporation's testing and simulation hardware,
software and service 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' 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 28, 2019 and revenue of $893 million for the fiscal year ended
September 28, 2019. Additional
information of MTS can be found at www.mts.com.
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 that are subject to certain risks and
uncertainties, as well as assumptions, that could cause actual
results to differ materially from historical results and those
presently anticipated or projected. Words such as "may," "will,"
"should," "expects," "intends," "projects," "plans," "believes,"
"estimates," "targets," "anticipates," and similar expressions
identify forward-looking statements in this release. Such
statements include, but are not limited to, statements about future
financial and operating results, plans, objectives, expectations
and intentions, and other statements that are not historical facts.
These statements are based on our current expectations and beliefs
and are subject to a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in the forward-looking statements. Risks, uncertainties
and assumptions that could cause our actual results to differ
materially from those discussed in the forward-looking statements
include, but are not limited to, those described in the "Risk
Factors" section of our most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission ("SEC") and
updated in any subsequent Quarterly Reports on Form 10-Q and other
filings with the SEC. The reports referenced above are available on
our website at www.mts.com or on the SEC's website at
www.sec.gov. Forward-looking statements speak only as of the date
on which such statements are made, and we undertake no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made to
reflect the occurrence of unanticipated events or
circumstances.
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SOURCE MTS Systems Corporation