CLEVELAND, OH, May 14th, 2018 -- COTSWORKS is pleased to announce a $4.5 million credit facility with KeyBank. The credit facility is comprised of working capital and equipment lines that will promote the company’s growth while creating advanced R&D and manufacturing jobs for the global avionics marketplace.
Ken Applebaum, founder and CEO of COTSWORKS commented, "This credit facility will support the application and extension of our product platforms worldwide.” The company has a compound annual growth rate (CAGR) of more than 30% for the past 10 years and close to 100 employees here in Northeast Ohio. “Our products are designed into many of the world’s leading aviation and industrial OEM vehicles and systems. Using fiber optic technology enables improved communication and sensing versus copper or wireless technology; all while reducing the weight and related carbon emissions.” added Applebaum.
The credit facility will also support growth at COTSWORKS GmbH, located in Fulda, Germany. This is the first of what will be several of the company’s locations around the world demonstrating Ohio’s leadership in advanced technology and job creation. “COTSWORKS has achieved an impressive long-term growth trajectory while creating quality jobs.” said Kip Clarke, KeyBank, President – Midwest Region. “We are proud to support what COTSWORKS is contributing to Cleveland’s economic vitality as a true innovator in advanced manufacturing.”
COTSWORKS was founded in an unheated garage in Northeast Ohio in 2006. In 2018, shipments of rugged optical networking components will reach over 100,000 units. The growth and deployment of products within the industry’s leading manufacturers exemplifies the value of COTSWORKS’ Opto-Electric and Interconnect products which include optical transceivers, connectors, custom cabling, network, and test equipment.
COTSWORKS manufactures rugged optical transceivers and custom cables used in harsh environments, such as commercial/military aircraft, military tactical, undersea, industrial and the energy markets. COTSWORKS is based in Highland Heights, Ohio and Fulda, Germany. COTSWORKS’ quality program is AS9100:2008 + ISO 9001C certified and is an ATEX compliant manufacturer of components and solutions that are changing the way aircraft and military systems are designed and manufactured.
KeyCorp's roots trace back 190 years to Albany, New York. Now headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial service companies with assets of approximately $137.7 billion as of December 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in select industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is a Member of the FDIC.
COTSWORKS Media Contact:
Director of Product Marketing