MTS Announces Contract Valued At Up To $30.4 Million For World's Largest Heavy Vehicle Durability Simulator
EDEN PRAIRIE, Minn., July 29, 2019 /PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems, motion simulators and sensors, today announced award of a contract valued at $30.4M, inclusive of all options, to design and build the world's largest spindle-coupled road simulator for the U.S. Army. The contract will be incrementally funded, and the majority of options exercisable in fiscal years 2020, 2021 and 2022.
The road simulator will be installed at the U.S. Army's Aberdeen Test Center in Maryland, and used to accelerate military vehicle durability testing, compressing the required testing time by 75 to 80%. Simulating real-world conditions in the lab will allow the Army to quickly assess and improve vehicle reliability and durability to avoid potentially time-consuming in-field failures.
The overall system supports Department of Defense directives to integrate more modeling and simulation tools into vehicle development and testing. In addition to the road simulator, the solution includes MTS SWIFT EVO 50 Wheel Force Transducers for gathering real-time data from these vehicles on various proving ground terrains, and will require one of MTS' largest hydraulic installations to provide several thousand gallons per minute of continuous hydraulic power. The simulator will be able to test vehicles with up to five axles and weighing up to 100,000 lbs.
"This road simulator is a scaled-up extension of the heavy truck testing technology that MTS has developed over the last fifty years," says Dr. Jeffrey Graves, MTS President and CEO. "MTS is pleased to apply knowledge from commercial vehicle modeling and simulation to create full-vehicle testing solutions for the Army. This new system will help increase military vehicle reliability and allow the Army to tailor vehicle designs for optimal performance in the field."
About MTS Systems Corporation
MTS Systems Corporation's testing and simulation hardware, software and service solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products and structures. MTS' high-performance sensors provide measurements of vibration, pressure, position, force and sound in a variety of applications. MTS had 3,400 employees as of September 29, 2018 and revenue of $778 million for the fiscal year ended September 29, 2018. Additional information on MTS can be found at: http://www.mts.com
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions identify forward-looking statements in the release. Such statements include, but are not limited to, statements about the purchase orders and their option clauses. These statements are based on our current expectations and beliefs as to the pricing and other terms of the purchase orders and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Risks, uncertainties and assumptions that could cause our actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those described in the "Risk Factors" section of our most recent Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. The reports referenced above are available on our website at www.mts.com or on the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date on which statements are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events or circumstances.
SOURCE MTS Systems Corporation
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