Magnetek Relocating Telecom Power Systems Operations to Wisconsin
MENOMONEE FALLS, Wis. - December 19, 2006 - Magnetek, Inc. (NYSE: MAG) today announced it is in the process of moving its Telecom Power Systems production and engineering from Dallas, TX to the Company’s headquarters and largest manufacturing center, located in Menomonee Falls, WI. The Company has secured 44,000 square feet, with an option to lease an additional 30,000 square feet to support future expansion, in a facility near its Menomonee Falls headquarters. The majority of the leased space will house manufacturing for the Telecom Power Systems business, as well as administrative offices. Magnetek has already begun producing power systems at the new Menomonee Falls facility, having shipped its first 40 remote battery back-up power systems for wireless communications sites.
The relocation of the Company’s entire Telecom Power Systems production operations will be completed by the end of January, 2007. A staff of approximately 15 Magnetek Telecom Power Systems sales and support personnel will remain in the Dallas area, relocating to new offices.
The previously announced relocation of Magnetek’s corporate headquarters and the move of its Telecom Power Systems production and engineering operations to Menomonee Falls is expected to bring an additional 60 employment opportunities to the Greater Milwaukee area, according to Peter McCormick, Magnetek’s Executive Vice President and Chief Operating Officer.
Magnetek manufactures digital power and motion control systems used in material-handling, people-moving, energy delivery and wireless communications, and is the leading builder of grid-tied power inverters for large commercial fuel cells with more than 160 installations and half a billion operating hours in the field over the past decade. On September 29, 2006, the Company reported revenue of $83.1 million for its 2006 fiscal year, ended on July 2, 2006 (a).
(a) Magnetek’s fiscal quarters end on the Sundays nearest September 30, December 31, March 31 and June 30.
Director, Marketing Communications
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 anticipated financial results for future periods, including the fiscal year ending July 2, 2006. These forward-looking statements are based on the Company’s expectations and are subject to risks and uncertainties that 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. These risks and uncertainties include effects of economic, market and operating conditions on the Company and its financial results. 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.