FOR MORE
INFORMATION CONTACT:
Ed Butte
VP, Strategic Initiatives
262.252.2905
ebutte@magnetek.comFOR
IMMEDIATE RELEASE
Magnetek
Relocating Telecom Power
Systems Operations to Wisconsin
Menomonee
Falls, WI –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,
communications and energy delivery, and
is the world’s 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 revenues
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.
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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 its first quarter
and 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 economic,
market and operating conditions, audit-related
costs and findings, legal proceedings and
their effects on the Company's 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.
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