Strip Tinning Holdings PLC Glazing Contract Wins for EV (1209R)
04 Julho 2022 - 3:00AM
UK Regulatory
TIDMSTG
RNS Number : 1209R
Strip Tinning Holdings PLC
04 July 2022
4 July 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
Glazing Contract Wins for EV
Strip Tinning Holdings plc (AIM: STG), a leading supplier of
specialist connectors to the automotive sector, is pleased to
announce it has secured a significant new 5 year nomination with
BMW for its Glazing division, underlining Strip Tinning's position
as a leading supplier of specialist connectors to the Glazing
sector for all classes of automotive vehicles manufactured
worldwide.
Strip Tinning will provide glazing connectors for the panoramic
roofs of the new range of electric BMW iX vehicles, at a quantity
of 16,000 connectors each month. The contract is scheduled to
commence in Q4 of the current financial year and thereafter is
expected to generate revenues for the full year ending 31 December
2023 of circa $1.2 million.
Additionally, the Board is also pleased to announce that Skoda,
an existing customer, has also signed a 5 year nomination to
increase its connector volume demand by 45%, ag ain for use across
its electric vehicle range.
Both these nominations highlight the continuing focus of vehicle
manufacturers on electric ranges, which generate higher margins for
Strip Tinning due to the added complexity and high technical
specification of the connectors required in EV.
Richard Barton, Group Chief Executive Officer of Strip Tinning,
commented: "Despite the well documented headwinds in the sector, we
continue to make good progress against our strategic objectives.
Our market leading position in Glazing and reputation for high
quality, highly engineered products continues to generate
opportunities. Our current focus, which mirrors that of our
customers, is on higher specification, higher margin products,
predominantly in electric vehicles. As supply chain constraints
ease we are ideally placed for volumes to return across all aspects
of our Glazing division."
The person responsible for arranging the release of this
announcement on behalf of the Company is Adam Le Van, Group Chief
Financial Officer.
Enquiries:
Strip Tinning Holdings plc Via Alma PR
Richard Barton, Chief Executive Officer
Adam Le Van, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
Will Goode
Alex Bond
James Fischer
Alma PR (Financial PR) striptinning@almapr.co.uk
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
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END
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July 04, 2022 02:00 ET (06:00 GMT)
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