New Digital Elevator Drive System Passes Major Milestone
LOS ANGELES, CA - September 19, 2005 - Magnetek, Inc. (NYSE:MAG) today announced that it has reached a major milestone in the development of its new family of elevator drives. The revolutionary Quattro™drive system has been performing flawlessly in a KONE Inc. elevator test facility in Moline, IL, thus passing a major milestone in its rise to commercialization. Magnetek patented hardware and software allow the Quattro drive system to control both direct-current (DC) and alternating-current (AC) motor-driven elevators.
The new drive system's digital technology also enables elevators to regenerate almost as much power when they descend as they consume when they ascend, virtually pumping electricity back into the building mains and the utility grid. This regenerative feature saves considerable energy, cutting building owners' operating costs substantially. Designed-in harmonic filters prevent electromagnetic interference from affecting other building systems, adding the Quattro drive system's environmental and economic advantages.
Quattro provides in one compact unit all of the subsystems necessary to control total elevator motion, damping out sideways sway and jitter as well as vertical bounce. Together with its universal AC/DC drive capability, this saves elevator builders and contractors manufacturing and retrofit time and money, while assuring building owners of stable, comfortable elevator rides for their patrons.
The Quattro family is the latest generation in Magnetek's long lineage of elevator drives dating back over 25 years. Magnetek pioneered the application of solid-state drives to elevators in the 1980's. Today, three generations of Magnetek AC drives and digital field regulators, and thousands of the Company's analog and digital Dc direct drives power elevators on six continents. Most of the world's tallest buildings utilize Magnetek drive systems on their highest speed cars.
Magnetek estimates that the total market for high-performance elevator drive systems exceeds $60 million annually.
For more information on Magnetek elevator products visit www.elevatordrives.com.
Magnetek, Inc. manufactures digital power products for industrial automation, communications, information technology, consumer products, alternative energy, power generation, transportation, and other applications requiring highly reliable, precise, energy-efficient power. The Company operates manufacturing and research facilities in North America, Europe and China employing over 1,700 people, and reported total revenue of $242 million for its 2005 fiscal year, which ended on July 3, 2004.
KONE Inc., with U.S. operations headquartered in Moline, IL, provides complete and innovative solutions for the installation, modernization and maintenance of elevators and escalators and the maintenance of automatic building doors. The Company operates globally with 23,000 employees and subsidiaries in 40 countries.
Director, Marketing Communications
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's expectations regarding sales of and markets for its elevator drive products. These forward-looking statements are subject to a number of risks and uncertainties, many of which cannot be predicted or quantified by the Company and are beyond the Company's control. Future events and actual results may differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. 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.