AMHERST, NY – June 2020 — Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer that sells precision and specialty controlled motion products and solutions to the global market, announced that it recently won the nomination for another award to provide a customer-specific solution for the Company’s Vehicle market in Europe and Asia. This award is in addition to three previously disclosed Vehicle market awards received since 2017, and brings the total awards received for Vehicle Market solutions to approximately $325 million at current currency exchange rates. Revenue for this application is expected to be realized over a seven-year period which will begin ramping in the latter half of 2023. All awards are expected to concurrently be at full rate production midway through 2024 and running at the rate into early 2026.
“This additional award further validates our strategy to be a leading global provider of controlled motion solutions and demonstrates the markets’ recognition of our ability to develop highly reliable solutions for the Vehicle market,” commented Dick Warzala, Chairman and CEO.
A nominal amount of the previously announced awards was included in the Company’s backlog at March 31, 2020. With the COVID-19 situation, Allied Motion expects production for the initial projects to remain flat through 2020 and begin to regain traction in 2021.