Methode Electronics Awarded Integrated Center Stack Program from General Motors
CHICAGO, IL - 11/09/10 - Methode Electronics, Inc. (NYSE: MEI), a global developer of custom engineered and application specific products and solutions, has been awarded a next generation integrated center stack program for multiple General Motors vehicle platforms. The center stacks will be featured on certain vehicles starting in model year 2013, and are expected to have a five-year program life. Center stack production will begin during Methode's fiscal year 2013 and is expected to represent over $100 million in revenue per year starting in fiscal year 2014. Actual revenue will depend on a number of factors, including consumer demand for General Motors' vehicles.
Methode's President and Chief Executive Officer Donald W. Duda said, "This program is a significant win for Methode, and our first integrated center stack award with General Motors. This new business helps confirm that our user-interface strategy of bringing complete solutions to our customers with technology and manufacturing know-how is working."
About Methode Electronics:
Methode Electronics, Inc. (NYSE: MEI) is a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities located around the world. Methode designs and manufactures devices within a wide diversity of markets employing electrical, electronic, wireless, sensing and optical technologies to control and convey signals through sensors, user-interfaces, interconnections and controls. Further information can be found at Methode's website at www.methode.com.
This press release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the safe harbor protection provided under the securities laws. Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward-looking statements in this press release involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission, such as our annual and quarterly reports. Such factors may include, without limitation, the following: (1) dependence on a small number of large customers, including two large automotive customers; (2) dependence on the automotive, appliance, computer and communications industries; (3) seasonal and cyclical nature of some of our businesses; (4) ability to compete effectively; (5) customary risks related to conducting global operations; (6) ability to keep pace with rapid technological changes; (7) ability to avoid design or manufacturing defects; (8) ability to protect our intellectual property; (9) dependence on the availability and price of raw materials; (10) ability to successfully benefit from acquisitions; (11) currency fluctuations; (12) unfavorable tax laws; (13) the future trading price of our stock; and (14) the risk of owning real property.