REG - CT Automotive Group - Directorate Change

CT AutomotiveAnnouncement

19/06/2023 07:00

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RNS Number : 0743D  CT Automotive Group PLC  19 June 2023

19 June 2023

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

Directorate Change

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, announces that Tracey James,
Independent Non-Executive Director, has notified the Board of her intention
not to seek re-election to the Board at this year's annual general meeting and
to step down from the Board at the same time in order to pursue other business
interests.

The process to identify and appoint a new Independent Non-Executive Director
is now underway.

Simon Phillips, Executive Chairman of CT Automotive, commented:

"On behalf of the Board I would like to thank Tracey for the key role she has
played in our IPO and the recent fundraise. We greatly appreciate her efforts
as the Company navigated through a turbulent year and the support she provided
to our new CFO as she settled into the role. Tracey leaves the Company well
placed to capitalise on the opportunities before it, as trading conditions
stabilise."

 

For further information please contact:

 CT Automotive                                                                                                  via MHP

 Simon Phillips, Executive Chairman

 Scott McKenzie, Chief Executive Officer

 Anna Brown, Chief Financial Officer

 MHP (Financial                                                                                                 Tel: +44 (0)7834 623 818
 PR)

                                                                                                              CTAutomotive@mhpgroup.com
 Tim
 Rowntree

 Charlie Barker

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

 Richard Lindley

 Benjamin Cryer

 

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, Turkey and the
Czech Republic.

 

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 roster
of OEM end customers, both directly and via Tier One suppliers including
Faurecia and Marelli. End customers include volume manufacturers, such as
Nissan, and luxury car brands such as Bentley and Lamborghini. In addition,
the Group supplies electric car manufacturers, including Lucid. It is also
working with e.Go Mobile, a German manufacturer which plans to launch a series
of small electric vehicles for the budget end of the market.

 

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