CTS Corporation CTS today announced that it is continuing its 2007 patent infringement litigation against TK Holdings, Inc. (Takata) in the U.S. District Court in Detroit, Michigan. CTS originally put Takata on notice of patent infringement in late 2005. From then to present, Takata has sold products, estimated to exceed $100 million, which CTS believes are covered by several of CTS' vehicle occupant seat weight sensor patents. An estimate of the typical royalties for intellectual property use/infringement, for these types of products, range from about 3% - 5%.
During 2010, the Court issued an order adopting CTS' interpretation of the claims of two of CTS' patents. Fact discovery and depositions were completed in March 2012. A patent claim interpretation hearing is scheduled in May 2012 and is expected to be followed by scheduling orders for expert discovery and potential trial, if no settlement between parties is reached.
CTS places a high value on its intellectual property and will continue to take all steps necessary to protect and defend its position in the litigation.
About CTS
CTS is a leading designer and manufacturer of
electronic components and sensors and a provider of electronics
manufacturing services (EMS) to OEMs in the automotive, communications,
medical, defense and aerospace, industrial and computer markets. CTS
manufactures products in North America, Europe and Asia. CTS' stock is
traded on the NYSE under the ticker symbol "CTS." To find out more,
visit the CTS Web site at www.ctscorp.com.
Safe Harbor Statement
This press release contains statements
that are, or may be deemed to be, forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, any
financial or other guidance, statements that reflect our current
expectations concerning future results and events and any other
statements that are not based solely on historical fact. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and are based on
various assumptions as to future events, the occurrence of which
necessarily are subject to uncertainties. These forward-looking
statements are made subject to risks, uncertainties and other factors,
which could cause our actual results, performance or achievements to
differ materially from those presented in the forward-looking
statements, including, without limitation: changes in the economy
generally and in respect to the businesses in which CTS operates;
unanticipated issues in integrating acquisitions; rapid technological
change; general market conditions in the automotive, communications and
computer industries, as well as conditions in the industrial, defense
and aerospace and medical markets; reliance on key customers;
unanticipated natural or other events such as the Japan earthquake and
floods in Thailand; the ability to protect our intellectual property;
pricing pressures and demand for our products; and risks associated with
our international operations, including trade and tariff barriers,
exchange rates and political and geographical risks. For more detailed
information on the risks and uncertainties associated with CTS'
business, see the reports CTS files with the SEC available at http://www.ctscorp.com/investor_relations/investor.htm.
CTS undertakes no obligation to publicly update its forward-looking
statements to reflect new information or events or circumstances that
arise after the date hereof, including market or industry changes.
CTS Corporation
Thomas A. Kroll, Vice President and Chief Financial
Officer, or
Mitchell J. Walorski, Director of Investor Relations
Telephone
574-523-3800
FAX 574-293-6146
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.