inTEST Upgrades Facility for Electronic Circuit and Electric Vehicle Battery Testing Operations
October 05 2023 - 8:30AM
Business Wire
inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process technology solutions for use in
manufacturing and testing in key target markets which include
automotive/EV, defense/aerospace, industrial, life sciences,
security, and semiconductor (“semi”), announced today it has moved
the design, development and manufacturing operations of its
electronic circuit and electric vehicle battery automated test
equipment, inTEST Acculogic, to a new facility in Markham, Ontario
from its previous three different locations. The new space provides
25,000 square feet of contiguous space with superior utility
infrastructure and a modern office complex that is expected to
improve operational efficiencies and enhance custom service.
“We believe this move will enable us to more effectively create
solutions to address our customers’ unique requirements by putting
the whole team under one roof. The collaboration and coordination
needed to provide design and development engineering services for
creating highly-valued automated test equipment for electronic
devices, circuit boards, and EV batteries should be measurably
improved simply through closer proximity of all involved from
project managers to engineers to fabricators. We can also leverage
the significantly more efficient floor plan to streamline
development, production and qualification of complete test systems,
therefore reducing time to product launch. In addition, the
improved infrastructure also provides us the opportunity to
implement lean manufacturing practices to drive greater operational
efficiencies and reduce waste,” stated Joe McManus, Division
President for the Electronic Test Division of inTEST.
About inTEST Corporation inTEST Corporation is a global
supplier of innovative test and process technology solutions for
use in manufacturing and testing in key target markets including
automotive/EV, defense/aerospace, industrial, life sciences, and
security, as well as both the front-end and back-end of the
semiconductor manufacturing industry. Backed by decades of
engineering expertise and a culture of operational excellence,
inTEST solves difficult thermal, mechanical, and electronic
challenges for customers worldwide while generating strong cash
flow and profits. inTEST’s strategy leverages these strengths to
grow organically and with acquisitions through the addition of
innovative technologies, deeper and broader geographic reach, and
market expansion. For more information, visit www.intest.com.
Forward-Looking Statements This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements do not convey historical information but relate to
predicted or potential future events and financial results, such as
statements of the Company’s plans, strategies and intentions, or
our future performance or goals, that are based upon management's
current expectations. These forward-looking statements can often be
identified by the use of forward-looking terminology such as
“continue,” “believe,” “could,” “expects,” “may,” “will,” “should,”
“plan,” “potential,” “forecasts,” “outlook,” “anticipates,”
“targets,” “estimates,” or similar terminology. These statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. Such risks and uncertainties include, but are not
limited to, any mentioned in this press release as well as the
Company’s ability to execute on its 5-Point Strategy, achieve high
single-digit growth in 2023, realize the potential benefits of
acquisitions and successfully integrate any acquired operations,
grow the Company’s presence in its key target and international
markets, manage supply chain challenges, convert backlog to sales
and to ship product in a timely manner; the success of the
Company’s strategy to diversify its markets; the impact of
inflation on the Company’s business and financial condition;
indications of a change in the market cycles in the semi market or
other markets served; changes in business conditions and general
economic conditions both domestically and globally including rising
interest rates and fluctuation in foreign currency exchange rates;
changes in the demand for semiconductors; access to capital and the
ability to borrow funds or raise capital to finance potential
acquisitions or for working capital; changes in the rates and
timing of capital expenditures by the Company’s customers; and
other risk factors set forth from time to time in the Company’s
Securities and Exchange Commission filings, including, but not
limited to, the Annual Report on Form 10-K for the year ended
December 31, 2022. Any forward-looking statement made by the
Company in this press release is based only on information
currently available to management and speaks to circumstances only
as of the date on which it is made. The Company undertakes no
obligation to update the information in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of anticipated or unanticipated events, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231005128210/en/
inTEST Corporation Duncan Gilmour Chief Financial Officer
and Treasurer Tel: (856) 505-8999
Investors: Deborah K. Pawlowski Kei Advisors LLC
dpawlowski@keiadvisors.com Tel: (716) 843-3908
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