Magnetek, Inc. (NYSE: MAG) today announced that it has received
production orders over the past five weeks for its E-Force®
power inverters valued at over $8 million. Magnetek's modular
utility-scale power inverters regulate and transform DC power generated
by renewable sources into utility-grade AC power, which is distributed
to the power transmission grid. The orders received include inverters
for wind turbines as well as an initial production order valued at
nearly $1 million for inverters to be used in the operation of variable
speed turbine generators for combined heat and power (CHP), a new market
for the Company. The orders are currently scheduled for delivery between
April 2011 and July 2011.
"We are pleased to receive these additional inverter orders. The use of
our E-Force inverters in CHP turbine power generation is an exciting new
application for our products and furthers our goal to become a major
provider of utility-scale power inverters for renewable energy
applications,” said Ed Butte, Magnetek’s Director of Renewable Energy.
"We continue to actively quote applications beyond wind and see this
order as a solid sign that the benefits of variable speed technology are
being recognized in other markets.”
About Magnetek, Inc.
Magnetek, Inc. is a leading provider of digital power and motion control
systems used in energy delivery, overhead material handling, and
elevator applications. In addition to power conditioning products for
renewable energy applications, the Company is North America’s largest
supplier of digital drive systems for industrial cranes, hoists, and
monorails. Magnetek provides Energy Engineered® drives, radio
remote controls, motors, and braking and collision avoidance subsystems
to North America’s foremost overhead material handling crane builders.
Magnetek is also the world’s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed
elevators and is a leading independent supplier of digital motion
control systems for underground coal mining applications. Magnetek is
headquartered in Menomonee Falls, Wis., in the greater Milwaukee area
and operates manufacturing facilities in Pittsburgh, Pa., and
Canonsburg, Pa., as well as Menomonee Falls.
Special Note Regarding Online Availability of Magnetek Releases and
Filings
All Magnetek financial news releases and filings with the Security
and Exchange Commission ("SEC”) are posted to the Magnetek website.
Material and financial releases as well as SEC filings are available at www.magnetek.com.
Automatic email alerts for these postings are available from the
Investor Relations section of the site. Corporate and general releases
as well as product information are also available at www.magnetek.com.
Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. 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
include, but are not limited to, economic conditions in general,
business conditions in material handling, elevator, mining, and
alternative energy markets, operating conditions, competitive factors
such as pricing and technology, risks associated with acquisitions and
divestitures, legal proceedings and the risk that the Company’s ultimate
costs of doing business exceed present estimates.
Other factors
that could cause actual results to differ materially from expectations
are described in the Company's Form 10-K and other reports filed with
the Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934.
