REG - Strip Tinning Hldgs - Glazing Contract Wins for EV

Strip Tinning HoldingsAnnouncement

04/07/2022 07:00

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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%, again 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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