|
|
|
Contacts:
Marty Schwenner
Vice President, Chief Financial Officer Magnetek, Inc.
262-703-4282
mschwenner@magnetek.com
FOR
IMMEDIATE RELEASE
Magnetek Receives
$6 Million Order for Large Wind Power Inverters
Menomonee Falls, Wis. – April 29, 2010 – Magnetek, Inc. (NYSE: MAG) today announced that it has received a production order for its E-Force™ wind power inverters valued at approximately $6 million. Magnetek's modular utility-scale wind power inverters regulate and transform DC power generated by wind turbines into utility-grade AC power, which is distributed to the power transmission grid. The order is scheduled for delivery beginning in September 2010, through December 2010.
“This order for our E-Force wind power inverters is further indication of Magnetek’s commitment to and growth in the renewable energy market,” said Brad Taylor, vice president and general manager of Magnetek Energy Systems. “Our goal is to become a major provider of utility-scale power inverters for renewable energy applications.”
About Magnetek, Inc.
Magnetek, Inc. is a leading provider of digital power and motion control systems used in energy delivery, overhead material handling, and elevator applications. In addition to power conditioning products for renewable energy applications, the Company is North America’s largest supplier of digital drive systems for industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered™ drives, radio remote controls, motors, and braking and collision avoidance subsystems to North America’s foremost overhead material handling crane builders. Magnetek is also the world’s largest independent builder of highly integrated digital motion control systems for high-rise, high-speed elevators and is a leading independent supplier of digital motion control systems for underground coal mining applications. Magnetek is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., and Canonsburg, Pa., as well as Menomonee Falls.
- 30 -
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 include, but are not limited to, economic conditions in general, business conditions in material handling, elevator, mining, and alternative energy markets, operating conditions, competitive factors such as pricing and technology, risks associated with acquisitions and divestitures, legal proceedings and the risk that the Company’s ultimate costs of doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. |