Magnetek Announces New Orders for Quattro DC Drive
MENOMONEE FALLS, Wis. - May 28, 2008 - Magnetek, Inc. (NYSE: MAG), a leading manufacturer of digital power and motion control systems, has been awarded a series of new projects using their Quattro regenerative DC drive.
New Quattro installations in North America include projects in Boston, New York, Chicago, San Francisco and Denver. New worldwide installations include projects in London, Brisbane, Adelaide, Sydney and Auckland.
The Quattro was chosen for these projects because it consumes the lowest energy possible, saving as much as 25 percent over DC-SCR drives and as much as 40 percent over Motor Generator sets. It achieves near unity power factor meaning that the utility power is being used to produce useful work as effectively as possible rather than creating wasted heat in the electrical distribution system. Quattro also has clean utility-side drive harmonics, which also results in reduced heating and better utilization of existing distribution line equipment. In addition, this prevents interference with other building equipment.
Magnetek is a world leader in DC elevator drives, and a premier AC drives supplier for low- to high-rise traction elevators, having pioneered the application of solid-state drives to elevators in the 1980s. Today, three generations of Magnetek AC drives and digital field regulators, and thousands of the company’s analog and digital DC direct drives power elevators on six continents. Many of the world’s tallest buildings and fastest elevators utilize Magnetek drive systems on their high-speed cars.
In addition to people moving, Magnetek manufactures Energy Engineered™ digital power and motion control systems used in material handling and energy delivery. It operates manufacturing facilities in Pittsburgh, Pa., and Mississauga, Ontario, Canada, as well as Menomonee Falls. For its fiscal year ending July 1, 2007, Magnetek’s revenues were $103.8 million.
Director, Marketing Communications
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's anticipated financial results for its first quarter and fiscal year ending July 2, 2006. 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 risks and uncertainties include economic, market and operating conditions, audit-related costs and findings, legal proceedings and their effects on the Company's financial results. Other factors that could cause actual results to differ materially from expectations are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.