Strip Tinning Holdings PLC Contract Update (5536W)
19 Agosto 2022 - 3:00AM
UK Regulatory
TIDMSTG
RNS Number : 5536W
Strip Tinning Holdings PLC
19 August 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 a Regulatory Information
Service, this inside information is now considered in the public
domain.
19th August 2022
Strip Tinning Holdings plc
("STH" or the "Company")
Contract update
Strip Tinning Holdings plc (AIM: STG), a leading supplier of
specialist connectors to the automotive sector, announces that its
wholly owned subsidiary, Strip Tinning Limited ("STL") has received
notice purporting to terminate its contract with a Croatian
electric vehicle (EV) technology innovator for the supply of cell
management systems to a leading German OEM, with effect from 1(st)
October 2022. The contract was signed in December 2021 following an
extended period of design and development work with the
customer.
The supply agreement, for a term of 5 years, is worth EUR2m per
annum to STL at peak volumes, with production ramp up starting in
H2 2023. Whilst the loss of the contract would have no material
impact on market expectations for the current financial year, the
customer had recently indicated that volumes were likely to be
increased by 33% over the life of the project and STL had adjusted
plans with capital equipment suppliers to accommodate this.
STL is in dialogue with the customer to better understand the
rationale and legal basis of their decision as all STL milestone
deliverables within the framework of the contract have been met to
date, including the incorporation of substantial engineering
changes at the request of the customer, which have been subject to
re-pricing negotiations to ensure the contract remains
profitable.
STL preference would be to continue working with the customer
and is in early discussions about the possibility of working
together in the future whilst fully reserving its legal
position.
Based on continued demand for its EV cell management system
technology, STG will continue to invest in scaling up its
production capability for this product line to meet firm customer
orders.
A further update will be made in due course.
The person responsible for arranging the release of this
information 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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