MENOMONEE FALLS, Wisc.–(BUSINESS WIRE)–Magnetek, Inc. (NYSE:MAG) today announced the receipt of its largest material handling systems order from Asia. Valued at approximately $1 million, the order from Taiwan’s Dragon Steel Corporation is for DC Magnet and AC Thruster overhead crane brakes scheduled for delivery and installation in 2008.
Magnetek competed against European and Asian brake suppliers for the Dragon Steel project. The order, which was awarded based on the quality of Magnetek’s brake design and application support throughout the crane design process, includes approximately 170 factory crane brake systems. Magnetek is America’s leading supplier of factory crane control systems, and the Dragon Steel project indicates the potential that exists internationally for Magnetek’s products as well as its global competitiveness in industrial automation technology.
Headquartered at its systems integration center in Menomonee Falls, WI in the greater Milwaukee area, Magnetek specializes in digital power and motion control systems for material handling, people moving, wireless communications and energy delivery. The Company also operates manufacturing plants in Pittsburgh, PA and Mississauga, Ontario, Canada, and reported revenues of $103.8 million for its fiscal year ended July 1, 2007.
Further information about Magnetek is available from the Company’s website at: www.magnetek.com .
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s anticipated financial results for future periods, including the fiscal year ending June 29, 2008. These forward-looking statements are based on the Company’s expectations and are subject to risks and uncertainties that cannot be predicted or quantified and are beyond the Company’s control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These include, but are not limited to, economic conditions in general, business conditions in material handling, elevator, mining, communications and alternative energy markets, operating conditions, competitive factors such as pricing and technology, risks associated with acquisitions and divestitures, legal proceedings and the risk that the company’s ultimate costs of doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.