Recent Years

Acquisition

-In October 2009, the Company announced that it would acquire a 51% equity interest in Bolton Conductive Systems LLC (BCS), an electrical system supplier based in Michigan, USA. BCS manufactures electrical solutions for the military, automotive, and other markets. (From a press release on October 13, 2009)

Contracts

-In April 2011, the Company announced that it signed an agreement to manufacture certain electronic products for Navistar, in a new facility located in Ramos Arizpe, Mexico, near the city of Saltillo. Plans call for production at the new 145,000-square-feet facility to commence in August 2011 for certain wiring and instrument panel applications. (From a press release on April 25, 2011)

-In 2011, the Company was awarded a telematic system contract from a Europe-based global leader in commercial vehicles to be produced in Europe and Brazil with PST.

-In 2011, the Company won numerous exhaust gas temperature (EGT) sensor awards, including an award with a major North American automotive producer.

-In 2011, growth was driven by a record USD 17 million in new awards for the year in the Company's Asia Pacific business. Combined with last year's awards, a total of more than USD 40 million in new business has been awarded. The combined awards reflect the Company's growth potential in the Asian markets as it continues to increase its presence and develop both electronics and sensor products for the region.

-In July 2006, the Company was granted a second major instrument panel assembly contract for the North American commercial vehicle market. Annual sales from this contract are expected to be approximately USD 40 million at full production. In addition, the Company continues to gain new awards for vapor blocking valves, coils and sensors to improve emission control; actuators and sensors for powertrain applications; and high-precision rotary position sensors for off-highway use.

Joint Ventures

-In April 2011, the Company announced that it has amended its current joint venture agreement with the Minda Group to add Stoneridge sensor products in India. The initial stages of the agreement will allow the joint venture to expand its product offering by manufacturing and selling various speed, low- and mid-temperature, position and level sensors. (From a press release on April 19, 2011)

Restructuring

-In May 2008, the Company announced that its PST Eletronica S.A. joint venture, based in Brazil, filed documents to discontinue its initial public offering process. This decision was made because of the general uncertainty related to global credit issues and lack of strength in the global equity markets. The Company is hopeful that PST will be able to recommence the IPO process later in 2008, depending on the stabilization of the global credit and equity markets.

-In 2007, the Company announced to cease manufacturing at its European operating segment in the Control Devices due to the loss of a significant customer contract. The Company would transfer remaining production to an operating segment in the Electronics segment.

R&D Structure

-Development work at the Company is largely performed on a decentralized basis. The decentralized product development operations are complimented by larger technology groups in Canton, Massachusetts; Lexington, Ohio; Stockholm, Sweden; Pune, India; Manaus and Sao Paulo, Brazil.

-In 2010, the Company opened a product development center in Shanghai, China to focus on the developing Chinese market.

Product Developments

-The Company launched several key products in 2006 including:

• High-temperature exhaust gas sensors to improve monitoring and control of emissions.
• Active speed sensors to replace passive speed sensors in anti lock braking systems for better control, response and fuel efficiency.

Investment Outside USA

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-In 2011, the Company had a plan to expand its plant in Suzhou, China to accommodate growing demand in the Asia Pacific market in 2012.

-In March 2010, the Company announced the opening of a new technical center and sales office in Shanghai, China. The facility will engage in the development of vehicle electronics for markets in China and the Asia Pacific region. The Company has a production base in Suzhou, Jiangsu Province. In its Suzhou operation, the Company produces automotive switches and sensors, and plans to add wiring capabilities in 2010. (From a press release on March 12, 2010)

-In January 2006, the Company announced that it had established a new subsidiary and manufacturing operation in Suzhou, China. Production began in the third quarter of 2006. The new subsidiary will focus on the design and manufacture of sensors, switches, electronic instrumentation and other related electro-mechanical products for the automotive and commercial vehicles markets.