CTS Corporation Announces Completion of the Acquisition of Millar Holdings

The purchase includes additional contingent consideration tied to specified financial performance targets.

Rhea-AI Summary

CTS (NYSE: CTS) has completed its acquisition of Millar Holdings for $50 million, adding pressure-sensing technologies to its portfolio. The purchase price is net of cash acquired and debt assumed. Additional contingent consideration is payable subject to Millar achieving specified financial performance targets.

Millar designs, develops and manufactures pressure-sensing technologies for medical devices, life sciences and industrial applications. CTS said the acquisition expands its medical-sensing presence and adds technology, employees and customer relationships, while broadening its exposure to diversified end markets. The company expects the combination to enhance its ability to deliver sensing solutions worldwide and create long-term shareholder value.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCompleted Millar acquisition adds pressure-sensing capabilities for $50 million, net of cash acquired and debt assumed. 3.3% of market cap
• Minor pointMedical-sensing expansion adds technology, employees and customer relationships, CTS said.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Additional contingent consideration is payable subject to achievement of specified financial performance targets.

News Explained

Against CTS’s $107.536 million in cash and equivalents at June 30, 2026, the completed acquisition’s $50 million stated price, net of cash acquired and debt assumed, gives a dated scale comparison; the earlier balance does not establish cash remaining after closing.

Key Figures

Acquisition consideration: $50 million

Acquisition consideration

$50 million

Net of cash acquired and debt assumed

Key Terms

contingent consideration

1 terms

contingent consideration financial

"with additional contingent consideration payable subject to the achievement of specified financial"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LISLE, Ill., Oct. 23, 2026 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE: CTS) today announced that it has completed the acquisition of Millar Holdings, Inc. (“Millar”) for $50 million, net of cash acquired and debt assumed, with additional contingent consideration payable subject to the achievement of specified financial performance targets. Millar specializes in the design, development, and manufacturing of advanced pressure sensing technologies for medical devices, life sciences, and industrial applications. The acquisition strengthens CTS’s position in advanced sensing technologies and expands its presence in diversified end markets.

“We are excited to welcome the Millar team to CTS,” said Pratik Trivedi, President and Chief Executive Officer of CTS Corporation. “Millar represents a highly strategic addition to our portfolio, expanding our presence in medical sensing while adding differentiated technology, talented employees, and strong customer relationships. We believe the combination will enhance our ability to deliver innovative sensing solutions to customers worldwide and create long-term value for our shareholders.”

Tim Daugherty, Chief Executive Officer of Millar, added, “Joining CTS marks an exciting new chapter for Millar and an incredible opportunity to build on everything our team has accomplished over the past 55-plus years. We've always been passionate about pushing the boundaries of sensor technology and helping our customers bring innovative solutions to life. With CTS's global reach, complementary technologies, and engineering expertise, we're positioned to accelerate innovation, expand our capabilities, and create even greater value for the customers and markets we serve.”

About CTS Corporation

CTS is a leading designer and manufacturer of products that Sense, Connect, and Move. The Company manufactures sensors, connectivity components, and actuators for applications in the aerospace and defense, industrial, medical, and transportation markets. CTS reported sales of approximately $564 million for the twelve months ended June 30, 2026. More information is available at www.ctscorp.com.

Investor Contact:
Ashish Agrawal
Vice President and Chief Financial Officer
CTS Corporation
4925 Indiana Avenue

Lisle, IL 60532 USA
+1 (630) 577-8800
ashish.agrawal@ctscorp.com

Forward-Looking Statements

This press release contains forward-looking statements regarding anticipated benefits of the acquisition, future growth opportunities, and expected business performance. Actual results may differ materially from those expressed or implied by such statements due to various risks and uncertainties. CTS undertakes no obligation to update any forward-looking statements except as required by law.

FAQ

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How much did CTS pay to acquire Millar Holdings?

CTS completed the acquisition for $50 million, net of cash acquired and debt assumed. Additional contingent consideration is payable subject to the achievement of specified financial performance targets.