Strip Tinning Holdings announces glazing contract wins for EV

LONDON, UK: Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connectors to the automotive sector, 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.”