DENVER - (Business Wire) Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced that the Allied Motion COPI operation will be relocated from Chatsworth, CA to the Allied Motion EMOTEQ facility in Tulsa, OK by the end of 2009. Joe Ivey, previously named the General Manager of the combined entity in September, is responsible for the smooth integration of the operations and for its growth in the future. Dick Warzala, President and CEO of Allied Motion stated, “We are confident that under Joe’s leadership, one cohesive team will bring new levels of growth and success to the previously independent EMOTEQ and COPI operations. The current economic conditions and the outlook for business to return to pre-recession levels and beyond were the primary factors in the decision. The combined entity, supporting both the motor and encoder technologies in a cohesive systems approach within the same facility, will provide the best opportunity for long-term sustainable growth and profitability in the future. The decision is also in the best interests of our valued customers who expect and deserve for us to provide them with 'Motion Solutions That Raise the Bar' and to be competitive on a world-wide basis, in terms of both technology and cost.”
From a financial perspective, all charges related to the re-location are expected to be substantially incurred in the fourth quarter of 2009. On an ongoing basis, in addition to creating a more effective organization for the long term, the net annualized savings are expected to exceed $500,000 per year in operating costs.
Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.
The statements in this press release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties, including the risks and uncertainties detailed from time to time in the Company’s SEC filings, that may cause actual results of the Company to differ materially from the forward-looking statements. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
Allied Motion Technologies Inc.
Richard Smith, 303 799-8520
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Sue Chiarmonte, 303 799-8520
