REG - CT Automotive Group - Directorate Change

CT AutomotiveAnnouncement

17/08/2023 10:00

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RNS Number : 6418J  CT Automotive Group PLC  17 August 2023

17 August 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 the appointment of
Geraint Davies as an Independent Non-Executive Director.

 

Geraint will be joining the Board on 18 September 2023 and will become Chair
of the Company's Audit and Risk Committee at the same time, subject to the
satisfactory completion of due diligence by the Company's Nominated Adviser,
Liberum Capital Limited.

 

Geraint is a Chartered Accountant with over 30 years' experience as a Partner
in the "Big Four" accounting firms, working principally with global businesses
in manufacturing, real estate, mining, distribution and financial services.
Prior to his appointment, Geraint held senior leadership roles in EY's
practices in the Channel Islands, the  UK,  and most recently in Malta. He
has also previously held roles with PwC and Deloitte. Throughout his career,
Geraint has had specific responsibility for risk, both at regional and
national level, as well as leading on talent development and senior
recruitment. Geraint holds a degree in Economics and Accounting from Bristol
University.

 

Raymond Bench, Chairman of CT Automotive, said:

 

"We are delighted to welcome Geraint Davies to the Board and look forward to
working with him. Geraint's experience of working in multi-cultural teams and
geographies combined with his strong assurance and accounting credentials are
an excellent fit for CT Automotive, and will complement the current mix of
skills and experience on our Board."

 

 

For further information please contact:

 

 CT Automotive                                   via MHP

 Simon Phillips, Chief Executive Officer

 Anna Brown, Chief Financial Officer

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

 Richard Lindley

 Benjamin Cryer

 MHP (Financial PR)                              Tel: +44 (0)78 3462 3818

 Tim Rowntree                                    CTAutomotive@mhpgroup.com

 Charlie Barker

 Veronica Farah

 

 

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 Turkey, Mexico 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 has also
recently started 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.

 

The Group currently supplies component part types to over 47 different models
for 19 OEMs. Since its formation, the Group has been the only significant new
entrant into the market, which is characterised by high barriers to entry.

 

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