Magnetek, Inc. (“Magnetek” or “the Company,” NASDAQ: MAG) today announced that it is expanding international distribution of its radio control products in China. The Company has signed a distribution agreement with Beijing Asiastars Electronic Technologies Co., LTD (AET). Under terms of the agreement, AET will serve as the exclusive distributor of Magnetek’s radio control products to the material handling and mobile hydraulic industries in the People’s Republic of China. Founded in 2005 and headquartered in Beijing, China, AET supplies electronic technology to material handling and mobile hydraulic equipment manufacturers and end users through its network of sales offices and resellers. Magnetek and AET will introduce Magnetek’s radio control products to the Chinese marketplace at Bauma China, the International Trade Fair for Construction Machinery, Building Material Machines, Construction Vehicles and Equipment, taking place Nov. 27-30, 2012 in the Shanghai New International Expo Centre (SNIEC).
“We are extremely pleased to announce this international distribution agreement with AET. We believe radio control products provide an important growth opportunity for Magnetek, and expansion of our distribution channel to reach new customers outside North America is a key strategic growth initiative,” said Peter McCormick, president and chief executive officer for Magnetek. “This fast-growing market provides significant opportunity as Chinese manufacturers recognize the benefits of using radio control to improve productivity and safety.”
Magnetek, Inc. provides digital power and motion control systems used in overhead material handling, elevator, and energy delivery applications. The Company is North America’s largest supplier of digital drive systems for industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered
drives, radio remote controls, motors, and braking and collision avoidance subsystems to North America’s foremost overhead material handling crane builders. The Company is also the world’s largest independent builder of highly integrated digital motion control systems for high-rise, high-speed elevators. In energy delivery, Magnetek develops and markets digital power inverters that connect renewable energy sources to the utility grid, and is a leading independent supplier of digital motion control systems for underground coal mining applications. Magnetek is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., and Bridgeville, Pa., as well as Menomonee Falls.
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Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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, and renewable 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.