8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  July 31, 2019

CTS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Indiana	1-4639	35-0225010
(State or other jurisdiction  of incorporation)	(Commission File Number)	(1.R.S. Employer Identification No)

4925 Indiana Avenue
Lisle,	IL	60532
(Address of principal executive offices)		(Zip Code)

Registrant's Telephone Number, Including Area Code: (630) 577-8800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act ( 17 CFR 240. l 4d2(b)) 

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4( c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, no par value	CTS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01    Entry into a Material Definitive Agreement.

The disclosures set forth in Item 2.01 hereof are hereby incorporated by reference into this Item 1.01.

Item 2.01    Completion of Acquisition or Disposition of Assets.

On July 31, 2019, CTS Corporation (CTS) acquired Quality Thermistor, Inc. (QTI) for $75 million in cash and an earn out of up to five million dollars on meeting pre-defined performance objectives. QTI, doing business as QTI Sensing Solutions, is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers with mission-critical applications in the industrial, aerospace, defense and medical markets. QTI’s sensors are used to measure temperature in gas, liquid or solid mass depending on the application to ensure equipment performance and reliability.

Item 8.01    Other Events.

On July 31, 2019, CTS issued a press release announcing the closing of the transaction. A copy of this press release is attached to this Report as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit	Description
99.1	Press Release dated July 31, 2019
101.INS	XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on  its behalf by the undersigned hereunto duly authorized.

Date: July 31, 2019		CTS CORPORATION
	By:	/s/ William M. Cahill
		William M. Cahill
		Chief Accounting Officer

EX-99.1

	Press Release
July 31, 2019	FOR IMMEDIATE RELEASE

CTS Acquires Industry Leader in Temperature Sensors

Lisle, Ill. - CTS Corporation (NYSE: CTS) has announced the acquisition of Quality Thermistor, Inc. (QTI) for $75 million in cash and an earn out of up to five million dollars on meeting pre-defined performance objectives. QTI, doing business as QTI Sensing Solutions, is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers (OEMs) with mission-critical applications in the industrial, aerospace, defense and medical markets. QTI’s sensors are used to measure temperature in gas, liquid or solid mass depending on the application to ensure equipment performance and reliability.

Based in Boise, Idaho with a location in Tecate, Mexico, QTI was founded in 1977 and has since established itself as a leader in temperature sensing technology as evidenced by the company’s extensive product portfolio and long-standing customer relationships. CTS will leverage QTI’s brand value and recognition by continuing to operate under the QTI Sensing Solutions brand.

“The acquisition of QTI provides CTS a new core temperature sensing technology, expanding our sensing product portfolio and building on our strategy to focus on innovative products that sense, connect and move,” said Kieran O’Sullivan, CEO of CTS Corporation. “Additionally, I’m excited to be adding a very talented team to CTS, while increasing CTS’ presence in the industrial and medical markets and adding new and valuable customer partnerships.”

“We are delighted and excited to be joining the CTS family at this exciting time. There is a strong alignment in strategy, core values and beliefs,” said Todd Ketlinski, CEO of QTI Sensing Solutions. “Furthermore, CTS will help expand our global footprint as we pursue continued growth and product innovation in cutting edge temperature sensing applications.”

About CTS

CTS (NYSE: CTS) is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia, and provides engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.

For more information on CTS Corporation, please visit www.ctscorp.com.

For more information on Quality Thermistor, Inc. (QTI), please visit www.thermistor.com

www.ctscorp.com

Media Relations Contact

Jacqueline Morris

Marketing and Communications Manager

CTS Corporation

4925 Indiana Avenue

Lisle, IL  60532

E-mail: MediaRelations@ctscorp.com

Tel.:  +1 (630) 577-8865

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www.ctscorp.com

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Cover Page .	Jul. 31, 2019
8K Cover Page [Abstract]
Document Type	8-K
Document Period End Date	Jul. 31, 2019
Entity Registrant Name	CTS CORPORATION
Entity Incorporation, State or Country Code	IN
Entity File Number	1-4639
Entity Tax Identification Number	35-0225010
Entity Address, Address Line One	4925 Indiana Avenue
Entity Address, Address Description	Lisle,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60532
City Area Code	630
Local Phone Number	577-8800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CTS
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000026058
Amendment Flag	false