New Division Name Reflects Common Mission
MENOMONEE FALLS, Wis. - February 16, 2004 - Magnetek Industrial Controls Group is adopting a new name. The division will now be known as MAGNETEK POWER CONTROL SYSTEMS. According to Peter McCormick, President and General Manager, this new name more fully encompasses the products and services this part of Magnetek now designs and manufactures, and the markets they serve. Over the past five years, Magnetek Industrial Controls Group has grown to include several divisions, and has achieved a leadership position in multiple industries:
- Electromotive Systems—the world's leading designer and manufacturer of electrification and control products for the overhead material handling industry
- Telemotive Industrial Controls—the world leader in radio controls for the material handling industry
- Mondel Engineering—designer and manufacturer of industrial drum and disc brakes for a variety of material handling applications
- Magnetek Elevator Drives—the world leader in elevator drives and control systems
- Magnetek Power Products—designer and manufacturer of voltage regulators, traction drives and soft starters
- Magnetek Alternative Energy—designer and manufacturer of specialty power conversion products and systems for the alternative energy marketplace.
"The common mission of each division is providing power control systems to meet our customers' specific application needs. Our new name better reflects this common goal," stated Mr. McCormick.
Customers will begin seeing the Magnetek Industrial Controls Group referred to as Magnetek Power Control Systems in the company's marketing materials. "This change will have no impact on how we serve our customers, or on how we go to market," McCorkmick said. "Our customers will receive the same quality products, excellent service and "uncommon value" they have come to expect."
Magnetek Power Control Systems is a division of Magnetek, Inc.(Los Angeles, CA), a leading designer and manufacturer of digital power and control products. Magnetek, Inc. is listed on the New York Stock Exchange (NYSE: MAG) and reported revenues of $201.8 million for its fiscal year ended June 30, 2003. For additional information, visit Magnetek's web site at www.magnetek.com.
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 future periods, including the 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 and market 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.