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.
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 the release. Such statements include, but are not limited to, statements about the purchase orders and their option clauses. These statements are based on our current expectations and beliefs as to the pricing and other terms of the purchase orders 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 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 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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