The HPV 600 is Magnetek's latest elevator drive and is designed for low to mid-rise applications. The agreement makes Magnetek the primary supplier of elevator drives to New York City's public and private housing industries; the largest urban elevator market in the world. It also makes Magnetek the sole supplier of all drive products to O. Thompson Elevator, the largest housing elevator supplier in New York City.
According to Magnetek Industrial Controls Group Vice President John Corey, the first HPV 600 elevator drives began shipping to O. Thompson Elevator in March. The backlog is expected to grow significantly in coming months, eventually reaching a run-rate of several hundred drives per year.
Magnetek's Elevator Products Division pioneered the application of solid-state drives in elevators during the 1980s. Today, three generations of Magnetek alternating-current (AC) drives and tens of thousands of Magnetek analog and digital direct-current (DC) drives power elevators on six continents. Most of the world's tallest buildings utilize Magnetek drives on their highest speed cars.
Magnetek, Inc. manufactures digital power supplies and systems used in many industrial, commercial and consumer applications requiring highly reliable, precise, energy-efficient power. The Company operates manufacturing and research facilities in North America, Europe and Asia, employs approximately 1,500 people and reported revenue of $188 million for fiscal 2002, ended on June 30, 2002.
Director, Marketing Communications
Financial Relations Board
Peter Selzberg: (212) 445-8457
John McNamara: (212) 445-0927
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations regarding sales of and markets for its products and services, including elevator drives. These forward-looking statements are subject to a number of risks and uncertainties, many of which cannot be predicted or quantified and are beyond the Company's control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements.