CTS CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 2. Properties
As of December 31, 2023, we had manufacturing facilities, administrative, research and development and sales offices in the following locations:
| Manufacturing Facilities | Owned/Leased |
|---|---|
| Albuquerque, New Mexico | Leased |
| Boise, Idaho | Leased |
| Calamba, Philippines | Leased |
| Kaohsiung, Taiwan | Leased(1) |
| Kvistgaard, Denmark | Leased |
| Leczna, Poland | Leased |
| Lisle, Illinois | Leased |
| Lublin, Poland | Leased |
| Matamoros, Mexico | Owned |
| Matamoros, Mexico | Leased |
| Tecate, Mexico | Leased |
| Nogales, Mexico | Leased |
| Nupaky, Czech Republic | Leased |
| Ostrava, Czech Republic | Leased |
| Tianjin, China | Owned(2) |
| Zhongshan, China | Leased |
(1)
Ground lease through 2026; restrictions on use and transfer apply.
(2)
Land Use Rights Agreement through 2050 includes transfer, lease and mortgage rights.
CTS CORPORATION 20
A small portion of the China, Czech Republic, and Denmark locations above also maintain sales offices.
| Non-Manufacturing Facilities | Owned/Leased | Description |
|---|---|---|
| Boise, Idaho | Leased | Warehouse |
| Brownsville, Texas | Owned | Land |
| Brownsville, Texas | Leased | Warehouse |
| El Paso, Texas | Leased(1) | Office and Warehouse |
| Elkhart, Indiana | Owned | Idle facility |
| Elkhart, Indiana | Owned | Administrative and research offices |
| Farmington Hills, Michigan | Leased | Sales office |
| Hopkinton, Massachusetts | Owned | Idle facility |
| Juarez, Mexico | Leased(1) | Idle facility |
| Kaohsiung, Taiwan | Leased | Administrative and research offices |
| Lisle, Illinois | Leased | Administrative and research offices |
| Matamoros, Mexico | Leased | Warehouse and administrative offices |
| Nagoya, Japan | Leased | Sales office |
| Nogales, Mexico | Leased | Warehouse and administrative offices |
| Singapore | Leased | Sales office |
| Tecate, Mexico | Leased | Warehouse and administrative offices |
| Tecate, Mexico | Owned | Idle facility |
| Yokohama, Japan | Leased | Sales office |
| Zug, Switzerland | Leased | Administrative, sales and research offices |
(1)
These facilities relate to the ongoing restructuring activities involving the Juarez and Matamoros site consolidation..
We regularly assess our facilities for manufacturing capacity, available labor, and proximity to our markets and major customers. Management believes our manufacturing facilities are suitable and adequate and have sufficient capacity to meet our current needs including approximately 1 million square feet of manufacturing and 750 thousand square feet of non-manufacturing spaces. The extent of utilization varies from plant to plant and with economic conditions. We also review the operating costs of our facilities and may from time-to-time relocate a portion of our manufacturing activities in order to reduce operating costs and improve asset utilization and cash flow.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.