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MTS Systems Corporation (Nasdaq: MTSC) announced that its shareholders approved the merger with Amphenol Corporation (NYSE: APH) during a special meeting on March 4, 2021. This merger will turn MTS into a wholly-owned subsidiary of Amphenol. The completion of the merger is contingent upon satisfying customary closing conditions, including regulatory approvals. Following the shareholder approval, final voting results will be reported to the SEC. J.P. Morgan Securities LLC and Evercore are MTS' financial advisors, with Sidley Austin LLP providing legal counsel.
MTS Systems Corporation (NASDAQ: MTSC) has announced the release of its fourth-quarter results on December 15, 2020, before market open. A conference call is scheduled for the same day at 10:00 a.m. ET. Participants can join by calling 800-367-2403, using the pass code 7354821. A replay will be available after the call until December 22, 2020, and a transcript can be accessed via MTS's website. As of September 28, 2019, MTS reported revenue of $893 million and had 3,500 employees.
MTS Systems Corporation (NASDAQ: MTSC), based in Eden Prairie, Minn., has secured new contracts valued at $2.5 million for electrically actuated systems. These include developing a helicopter pilot training system incorporating advanced motion simulation and a proprietary damper test system for the automotive sector. The innovative solutions aim to enhance energy efficiency and improve ride comfort, particularly in electric vehicles. Interim CEO Randy J. Martinez emphasized the company's commitment to sustainable testing solutions and impactful partnerships with industry leaders.
MTS Systems Corporation (NASDAQ: MTSC) has secured a $7 million contract to supply advanced tire testing systems to a global tire manufacturer, aimed at optimizing designs for electric and fuel-efficient vehicles. This marks MTS' largest customer order in India and highlights the company's strategy to enhance its global market presence. The new systems will support the development of more energy-efficient products, facilitating compliance with emerging testing standards and enhancing tire performance for electric vehicles.
MTS Systems Corporation (Nasdaq: MTSC) announced two new contracts totaling $17 million for its test and simulation business. The first contract involves developing a fault ride through tester for offshore wind turbines, enhancing stability for 66kV connections. The second contract focuses on a simulator for a commercial vehicle manufacturer aimed at improving chassis performance and accelerating electric vehicle development. MTS emphasizes its commitment to innovation and environmental sustainability, aligning with government infrastructure spending trends.
MTS Systems Corporation (Nasdaq: MTSC) reported Q3 2020 earnings showing a revenue decline of 15.5% to $196.2 million due to COVID-19's impact. The company's backlog increased 1.8% year-over-year to $451.4 million. GAAP diluted earnings per share stood at $0.23, compared to $0.70 in Q3 2019. Adjusted EBITDA decreased 18.5% to $28.8 million. The company amended its revolving credit facility to enhance liquidity, now totaling approximately $180 million. Despite challenges, MTS aims to maintain performance and strengthen its market position.
MTS Systems Corporation (NASDAQ: MTSC) announced the release date for its third quarter results, set for August 3, 2020, after market close. A conference call to discuss these results will take place on August 4, 2020, at 11:00 a.m. ET. Interested participants can join by calling 800-353-6461 (international toll 1-334-323-0501). The replay of the conference call will be available from 1:00 p.m. ET on August 4 until 1:00 p.m. ET on August 11, 2020. MTS had a revenue of $893 million for the fiscal year ended September 28, 2019.
