Eden Prairie, Minn. – September 16, 2015 – MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and position sensors, has established a subsidiary in India to directly support the growth in the Indian Test market. The new entity, MTS Testing Solutions India Pvt. Ltd., will ensure MTS is well-positioned to address the expanding opportunities arising from rapid growth in India's automotive, aerospace, infrastructure, advanced materials, and university research laboratory markets.
The new MTS India operation will be led by Mr. Umesh Krishnappa who has been appointed President of MTS India. Mr. Krishnappa is responsible for establishing the company's Indian operations, with the first being a sales and service office in Chennai. MTS plans to establish the MTS India headquarters in Bangalore, with future plans to open additional sales and service offices near its other customer concentrations. Before joining MTS, Mr. Krishnappa was Executive Vice President for Mahindra Reva Electric Vehicle Ltd, where he led several strategic initiatives including key new product developments.
For over 35 years, MTS has been serving India's advanced manufacturing and new product development efforts, along with university research activities, utilizing an extensive network of business partners throughout the country. This new, direct investment in Indian-based operations means that MTS customers will immediately benefit from stronger technical support, as well as providing a foundation for expanded MTS local operations in the future.
"India promises to be a great market for MTS, and this direct investment will allow us to deepen our relationships with existing and new customers through the establishment of a strong local presence," said Dr. Jeffrey Graves, Chief Executive Officer and President of MTS. "Building upon the foundation we have laid in India for well over three decades, and given the bright future we see for our domestic Indian customers, the establishment of MTS Testing Solutions India will help enable us to meet our growth objectives for the company. Moreover, the new operation can provide the infrastructure to further reduce our time to market, and meet the expectations of our growing customer base in India and beyond."
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' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 2,180 employees at September 27, 2014 and revenue of $564 million for the fiscal year ended September 27, 2014. Additional information on MTS can be found at http://www.mts.com.
This release contains "forward-looking statements" regarding financial projections 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 are used to identify these forward-looking statements.
Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: government contracting; the Company's significant international business including but not limited to currency value fluctuations, difficulty enforcing agreements and collecting receivables, import and exporting matters, higher danger of terrorist activity, difficulty in staffing and compliance with laws; volatility in the global economy; competition; failure to achieve the Company's growth plans for the expansion of its business because the Company's long-term success depends on its ability to expand its business through new product development, mergers and acquisitions, geographic expansion and service offerings, all of which are subject to inherent risks including but not limited to market demand, market acceptance of products and our ability to advance our technology; difficulties obtaining the services of skilled employees; failure to protect its intellectual property effectively or infringement upon the intellectual property of others; product liability and commercial litigation; difficulty obtaining materials or components for its products; government regulation; the irregularity and development of sales, delivery and acceptance cycle for the Company's products; the Company's customers are in cyclical industries; interest rate fluctuations; the Company may be required to recognize impairment charges for long-lived assets; and cost, reputational and other risks associated with disclosing use of conflict minerals. For a more thorough discussion of the risks associated with our business, see the "Risk Factors" section in the Company's most recent SEC Form 10-K, 10-Q and 8-K filings. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.