REG - CT Automotive Group - Aim Rule 17 Update

CT AutomotiveAnnouncement

01/07/2024 07:00

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RNS Number : 4794U  CT Automotive Group PLC  01 July 2024

CT Automotive Group plc

("CT Automotive" or the "Group")

 

AIM Rule 17 Update

 

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, today announces the following
additional director disclosure provided pursuant to AIM Rule 17 and Schedule
Two (g) of the AIM Rules.

 

As previously announced, the Group took the decision to close its
manufacturing operations in the UK.  This process concluded on 28 June 2024
by means of a creditors' voluntary liquidation.  The UK manufacturing
operations were trading as Chinatool Automotive Systems Limited.   Simon
Phillips, Chief Executive Officer of CT Automotive, was an executive director
of Chinatool Automotive Systems Limited when it entered into the creditors'
voluntary liquidation on 25 July 2023.

 

Change of Name of Nominated Adviser and Broker

The Company's Nominated Adviser and Broker has changed its name to Panmure
Liberum Capital Limited.

 

 

Enquiries:

 CT Automotive                                         Via Novella

 Simon Phillips, Chief Executive Officer

 Anna Brown, Chief Financial Officer

 Panmure Liberum (Nominated Adviser and Broker)        Tel: +44 (0)20 3100 2000

 Richard Lindley

 Novella Communications (Financial Public Relations)   Tel : +44 (0)20 3151 7008

 Tim Robertson, Claire de Groot, Safia Colebrook       ctautomotive@novella-comms.com

 

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke
automotive interior finishes (for example, dashboard panels and fascia
finishes) and kinematic assemblies (for example, air registers, arm rests,
deployable cup holders and storage systems), as well as their associated
tooling, for the world's leading automotive original equipment suppliers
("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low cost manufacturing footprint.
Key production facilities are located in Shenzhen and Ganzhou, China
complemented by additional manufacturing facilities in Mexico, Türkiye and
Czechia.

 

CT Automotive's operating model enables it to pursue a price leadership
strategy, supplying high quality parts to customers at a lower overall landed
cost than competitors. This has helped the Group build a high-quality
portfolio of OEM customers, both directly and via Tier One suppliers including
Forvia and Marelli.  End customers include volume manufacturers, such as
Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such
as Bentley and Lamborghini.  In addition, the Group supplies all our customer
base with a range of products for PHEV and BEV platforms and supplies electric
car manufacturers, including Rivian and a US based major EV OEM.

 

The Group currently supplies component part types to over 57 different models
for 22 OEMs. Since its formation, the Group has been one of the very few new
entrants to the market, which is characterised by high barriers to entry.

 

 

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