Last checked at 25 Apr 2024 07:01
25 April 2024
Strip Tinning Holdings plc
("Strip Tinning" or the Company")
Record "Smart" Glass Nomination
Further major win in fast-growing "smart" glass segment, with an expected lifetime value of £12.3m
Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, is pleased to announce the receipt of a further record Glazing nomination, from a leading European automotive Tier 1 systems manufacturer.
The glazing panels will be supplied to one of the premier German car OEMs and will be deployed across a new EV vehicle range.
Under the terms of the nomination, supply will start in Q3 2026 and run until 2031, with forecasted annual sales value peaking at £2.8 million and an expected lifetime value of £12.3 million, which increases by 46% the total lifetime sales value of Strip Tinning's Connectors nominations, from £26.8 million to £39.1 million[1]. The total lifetime sales value of all nominations held by the Company is now £52.7 million.
This nomination is the fourth which Strip Tinning has received in the "smart" glass market, a rapidly expanding segment of the automotive glazing market. Having identified Polymer Dispersed Liquid Crystal (PDLC) technology roof glass as a substantial growth opportunity for the Company, significant investment was made into "smart" glass production capabilities.
This win, in addition to the three previous "smart" glass nominations, further demonstrates the Company's first mover advantage within this growing market segment. The Company is now supplying smart roofing connectors to all the leading German automotive OEMs, underlining Strip Tinning's position as the supplier of choice for specialist connectors to the Glazing sector.
Adam Robson, Executive Chair of Strip Tinning, commented:
"We are proud to now be the preferred supplier of "smart" glass connectors to all the leading German OEMs, having been supplying these specialist connectors for two years. The further momentum we are now gaining is thanks to our first mover advantage within this market segment.
It is clear that the well-documented shift of the automotive sector towards EV production is not only opening doors for our EV battery cell contact systems division, but is also propelling our Glazing business, as exemplified by not only this win, but also our three prior "smart" glass nominations, both of which are within the EV market.
Looking ahead, we are confident there will be further opportunities within the "smart" glass sector and we continue to anticipate a significant new Cell Contact System win for our EV division in H1."
The person responsible for arranging the release of this information on behalf of the Company is Adam Le Van, Chief Financial Officer.
Enquiries:
Strip Tinning Holdings plc Via Alma
Adam Robson, Executive Chairman
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
James Fischer
Alma (Financial PR) striptinning@almastrategic.com
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
[1] Note: Calculated at €/£ exchange rate of 1.15