This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the Company's obligations under
Article 17 of MAR. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered in the public domain.
02 April
2024
Strip
Tinning Holdings plc
("Strip
Tinning" or the Company")
Significant New "Smart" Glass Nomination
Largest
ever Glazing nomination, with a lifetime value of
£6.3million
Strip Tinning Holdings plc (AIM: STG), a
leading supplier of specialist connection systems to the automotive
sector, is pleased to announce the receipt of the largest Glazing
nomination in the Company's history, from a leading European
automotive Tier 1 systems manufacturer.
Under the terms of the nomination, supply will
start in Q3 2025 and run until 2035, with forecasted annual sales
value peaking at £0.9 million and an expected lifetime value of
£6.3 million, which increases by 31% the total lifetime sales value
of Strip Tinning's Connectors nominations, from £20.5 million to
£26.8 million[1]. The total
lifetime sales value of all nominations held by the company is now
£40.4 million.
The nomination is for the supply of an advanced
connector to be used within a Polymer Dispersed Liquid Crystal
(PDLC) technology roof glass. The glazing panels will be supplied
to one of the premier German car OEMs and will be deployed across a
number of prestige EV and ICE vehicles in their range.
This is the second nomination that Strip
Tinning has received in the rapidly growing new "smart" glass
market segment, in which electrically activated layers within
sunroofs, roof systems, windows, and visors turn car glass into a
dynamically adjustable and responsive light-management system. The
connector benefits from being built around flexible printed
circuits (FPC) which give weight and packaging advantages within
the vehicle roof space.
Strip Tinning has had early success in the new
PDLC market segment, and since Q4 2022 has been supplying glazing
connectors for the panoramic roofs of the fully electric BMW iX
vehicles. Resultantly, and as demonstrated by this latest win, the
Company continues to benefit from first mover advantage within this
space. The Company is well placed for further successes,
possessing in-house FPC manufacturing capabilities as well as the
required engineering know-how to satisfy increasing customer demand
for more complex connector solutions.
A substantial pipeline of opportunities across
each of the Glazing and EV Battery Pack divisions remains, and
Strip Tinning is confident of securing further significant
nominations in the first half of 2024.
Adam Robson,
Executive Chair of Strip Tinning, commented:
"The
increasing number of opportunities we are seeing across our Glazing
division is inextricably linked to the transition to EV, as
demonstrated by this latest win within the "smart" glass market
segment, with production parts set to be deployed across a number
of prestige EV and ICE vehicles.
Securing this
record nomination in the rapidly growing "smart" glass market
segment exemplifies our strong market positioning, as well as the
growth we are seeing across the business. The order book across
both the EV Battery Systems and Glazing divisions continues to
build and we remain focused on converting our considerable sales
pipeline."
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