Spokane, WA— May 7, 2007 -- Key Tronic Corporation
(Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today
announced that it plans to enter into an agreement with Imation Corp (NYSE: IMN),
a worldwide leader in removable data storage, that when implemented is expected
to contribute approximately $20 million to Key Tronic’s annual revenue.
In July, 2007, Key Tronic expects to begin to provide the product
assembly for Imation’s tape-based data storage cartridges. Key Tronic intends to perform the assembly operations in its
primary manufacturing facility in Juarez, Mexico.
“We are very pleased to be working with a world-class customer like
Imation,” said Jack Oehlke, President and Chief Executive Officer. “This
important new relationship represents the kind of quality programs we are
pursuing and winning, which leverage our vertical integration capabilities to
expand our customer base and contribute to profitable long-term growth.”
About
Imation Corp
Imation Corp is the only company in the world solely focused on the
development, manufacture and supply of removable data storage products spanning
the four pillars of magnetic, optical, flash and removable hard disk storage.
With more than 50 years of data storage leadership beginning with the
development of the world's first computer tape, Imation proudly marked its tenth
anniversary as an independent company during 2006. In addition to the Imation
brand, Imation Corp's global brand portfolio includes the Memorex brand, one of
the most widely recognized names in the consumer electronics industry, famous
for the slogan, "Is it live or is it Memorex?". Additional information
about Imation is available at http://www.imation.com or by calling
1-888-466-3456.
About
Key Tronic
Key
Tronic is a leading contract manufacturer offering value-added design and
manufacturing services from its facilities in the United States, Mexico and
China.
The Company provides its customers full engineering services, materials
management, worldwide manufacturing facilities, assembly services, in-house
testing, and worldwide distribution.
Its customers include some of the world's leading original equipment
manufacturers.
For more information about Key Tronic visit: www.keytronic.com.
Some
of the statements in this press release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all passages containing verbs such as
‘aims, anticipates, believes, estimates, expects, hopes, intends, plans,
predicts, projects or targets’ or nouns corresponding to such verbs.
Forward-looking statements also include other passages that are primarily
relevant to expected future events or that can only be fully evaluated by events
that will occur in the future. Forward-looking statements in this release
include, without limitation, the Company’s statements regarding its
expectations with respect to quarterly revenue and earnings during fiscal 2007.
There are many factors, risks and uncertainties that could cause actual results
to differ materially from those predicted or projected in forward-looking
statements, including but not limited to the accuracy of customers’ forecasts;
success of customers’ programs; timing of new programs; success of new-product
introductions; acquisitions or divestitures of operations or facilities;
technology advances; changes in pricing policies by the Company, its
competitors, customers or suppliers; and the other risks and uncertainties
detailed from time to time in the Company’s SEC filings.