Glazing Contract Wins for EV

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)  [phone]

Rick Thompson

Will Goode

Alex Bond

James Fischer

Alma PR (Financial PR)    [e-mail]

Josh Royston    [phone] 

Joe Pederzolli     

 

END

 

 

CNTGZGGNGFNGZZZ