LGL Announces Addition of Technology Design Center in Noida, India
20 November 2014 - 8:53AM
Business Wire
Expansion Includes Added Production
Capabilities
The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”) announced
that its subsidiary, MtronPTI, has expanded its operations in
Noida, India, by adding a technology design center and new test and
production capacity.
For nearly 20 years, MtronPTI has operated in Noida, India
primarily as a test and assembly operation. In recent years, the
India region has grown in significance for the Company as many of
its global customers have added design centers of their own in
India to take advantage of the growing pool of engineering talent
available. The new technology design center began operating during
third quarter of 2014 and has plans to add up to three additional
design engineers over the next 15 months.
Michael Ferrantino, the Company’s Executive Chairman and CEO,
said, “The addition of a technology design center in India is a
natural next step in our product development strategy. This will
expand our design bandwidth and allow us to continue the benefits
of operating a fully functional offshore operation that is fully
registered for all of our markets, including aerospace and
defense.”
Over the course of 2014, India has also added new capabilities
by expanding its testing systems and production capacity for both
its existing OCXO and LC filter lines. In addition, many of the
designs and a portion of the equipment from MtronPTI’s purchase of
the filter product line from Trilithic in January 2014, were placed
in service directly within the India operations.
Marc Gabelli, the Company’s Chairman of the Board, said, “We are
pleased with the addition of a technology design center in Noida,
India, and the expansion of the operating platform. It will allow
the Company to tap into local engineering resources and take
advantage of being co-located in region with the design communities
for many of our customers. Michael and his team continue to
increase their efforts on new product development as part of
enabling top-line growth and value creation for shareholders. These
efforts have the potential to position the Company to capitalize on
the growth that is expected to prevail in the India region over the
next 20 years.”
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary
MtronPTI, manufactures and markets highly-engineered electronic
components used to control the frequency or timing of signals in
electronic circuits. These components provide low noise and base
accuracy for lab instruments, ensure reliability and security in
aerospace and defense communications, and synchronize data
transfers throughout the wireless and internet infrastructure.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota and
Noida, India, with local sales offices in Sacramento, California
and Hong Kong.
For more information on the Company and its products and
services, contact LaDuane Clifton at The LGL Group, Inc., 2525
Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit
www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results. Certain of
these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
The LGL Group, Inc.R. LaDuane Clifton,
407-298-2000lclifton@lglgroup.com
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