DENVER--(BUSINESS WIRE)--Oct. 29, 2009--
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.
Source: Allied Motion Technologies Inc.
Allied Motion Technologies Inc.
Richard Smith, 303 799-8520
or
Sue
Chiarmonte, 303 799-8520
