Torotrak announces that Infinitrak, the Company’s 50:50 joint venture company with MTD Holdings Inc (MTD), has commenced pilot build of Infinitely Variable Transmissions (IVTs) on its production facilities in Leitchfield, Kentucky. This represents the first phase of production of Infinitrak's initial product, the TTT, which incorporates Torotrak’s patented transmission technology.
These first series built IVTs are being manufactured by Infinitrak for sale to MTD, a major player in the global Outdoor Power Equipment (OPE) sector. The initial application will be in MTD’s range of ride-on mowers, where MTD enjoys a substantial share of the North American market of 1.9 million units per year.
The plan for the first year of production, starting from today, remains unchanged - to deliver our previously announced sales and production targets.
The initial build rate of TTTs in the Leitchfield facility during this first phase of production will be at controlled levels in line with MTD’s requirement for further batches of IVTs to support their final production vehicle testing and limited release to specific markets. The second phase of production, anticipated in the second half of this calendar year, will see an accelerated build rate.
This stepped approach to production build-up is consistent with the objective Torotrak shares with MTD of achieving a volume launch of their new TTT equipped ride-on mower during this year to satisfy anticipated high volume demand for the 2008 mowing season. The financial impact of this for Torotrak will be seen in the second half of its financial year ending 31st March 2008.
Commercial launch of MTD’s first vehicle to incorporate the TTT, the new Cub Cadet i1000 lawn tractor, will follow later this year showcasing the ability of the TTT to provide a very controllable, smooth and refined driving experience at a highly competitive cost.
The Cub Cadet i1000 will feature the TTT linked to the lawnmower’s steering system. The combination of the TTT and the innovative steering system will allow the Cub Cadet i1000 to turn within its own vehicle length - bringing significant benefits to the consumer in terms of manoeuverability and time saved when mowing.
Dick Elsy, CEO of Torotrak, said: “The first IVTs to be produced on Infinitrak's manufacturing facilities at Leitchfield, Kentucky mark a major milestone. For our JV partners MTD, it represents the first stage of a stepped approach to volume launch of IVT in their lawn tractors and other OPE products. For Torotrak it represents a highly significant step in the commercial development of our business.”
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About Torotrak
Torotrak is the world leader in full-toroidal traction-drive transmission technology, focused on the development of IVT (Infinitely Variable Transmission) and TCVT (Toroidal Continuously Variable Transmission) systems which deliver outstanding levels of performance, functionality and commercial advantage in automotive, truck, bus, outdoor power equipment, agricultural and off-highway applications.
