Strattec Security Corporation Business Report FY ended Jun. 2014
Business Highlights
Financial Overview |
(in million USD) |
| FY ended Jun. 29, 2014 | FY ended Jun. 30, 2013 | Rate of Change (%) | Factors | |
| Sales | 348.4 | 298.2 | 16.8 | - |
| Operating income | 26.5 | 16.8 | 57.7 | - |
| Sales by major customers | ||||
| Chrysler | 117.5 | 95.5 | 23.0 | -Increased customer vehicle production volumes and product content on models which the Company supplies components for |
| GM | 79.5 | 57.0 | 39.5 | -Higher customer vehicle production volumes and product content on models which the Company supplies components for -Increased demand of service parts related to a GM's recall campaign |
| Ford | 46.6 | 44.8 | 4.0 | -Higher customer vehicle production volumes and product content on models which the Company supplies components for |
| Hyundai-Kia | 7.2 | 10.3 | (30.1) | -Lower customer vehicle production volumes on models which the Company supplies components for |
Major Contracts
<2015 model year>| Cars and car-based utility vehicles | ||
| Acura TLX | Chevrolet Cruze | Ford Taurus |
| Aston Martin DB9 | Chevrolet Equinox | GMC Acadia |
| Aston Martin Rapide | Chevrolet Impala | GMC Terrain |
| Aston Martin Vanquish | Chevrolet Malibu | Holden Commodore |
| Aston Martin Vantage | Chevrolet Orlando | Jeep Cherokee |
| Buick Alpheon | Chevrolet Sonic | Jeep Compass |
| Buick Anthem | Chevrolet Traverse | Jeep Patriot |
| Buick Enclave | Chrysler Volt | Lancia Flavia |
| Buick Encore | Chrysler 200 | Lancia Thema |
| Buick Excelle | Chrysler 300 | Lincoln MKS |
| Buick Gentra | Dodge Challenger | Lincoln MKT |
| Buick GL8 | Dodge Charger | Lincoln MKX |
| Buick LaCrosse | Dodge Dart | Lincoln MKZ |
| Buick Regal | Dodge Journey | Maserati Ghibli |
| Buick Verano | Dodge Viper SRT | Maserati Quattroporte |
| Cadillac ATS | Fiat Freemont | Opel Ampera |
| Cadillac CTS | Ford Edge | Opel Antara |
| Cadillac ELR | Ford Fiesta | Opel Astra |
| Cadillac SRX | Ford Flex | Opel Astra Van |
| Cadillac XTS | Ford Forcus | Opel Insignia |
| Chevrolet Camaro | Ford Fusion | Opel Meriva |
| Chevrolet Captiva | Ford Ka | Opel Zafira |
| Chevrolet Corvette | Ford Mustang | |
| Light trucks, vans and sport utility vehicles | ||
| Acura MDX | Dodge Durango | GMC Sierra Pickup |
| Acura RDX | Dodge Grand Caravan | GMC Yukon and Yukon XL |
| Cadillac Escalade | Ford C-MAX | Jeep Grand Cherokee |
| Cadillac Escalade ESV | Ford Escape | Jeep Wrangler/Wrangle Unlimited |
| Chevrolet Colorado | Ford Expedition | Kia Sedona |
| Chevrolet Express Van | Ford Explorer | Lancia Grand Voyager |
| Chevrolet Silverado Pickup | Ford F-Series Pickup | Lincoln MKC |
| Chevrolet Suburban | Ford F-Series Super Duty Pickup | Lincoln Navigator |
| Chevrolet Tahoe | Ford Kuga | Nissan Titan |
| Chevrolet Trail Blazer | Ford Transit | Ram 1500/2500/3500 Pickup |
| Chevrolet Trax | GMC Canyon | |
| Chrysler Town & Country | GMC Savana | |
Joint Venture
-In 2013, the Company formed a joint venture called NextLock LLC (NextLock) with Actuator Systems LLC, holding a 51% interest in the entity. NextLock assembles and sells biometric security products. Products for both residential and commercial applications will be available in early 2014. NextLock plans to expand its applications to the automotive market in the future.Awards
-In 2013, the Company was awarded a Supplier of the Year award in the Electrical Products category from Chrysler.R&D
R&D Expenditure |
(in million USD) |
| FY ended Jun. 29, 2014 | FY ended Jun. 30, 2013 | FY ended Jul. 1, 2012 |
|
| Total | 0.7 | 1.3 | 1.2 |
R&D Structure
-The Company's research and development activities are managed by its Advanced Development Group engineering staff. Projects include electronic and mechanical access control products and modularization of related access/security control components.Investment Activities
Capital Expenditure |
(in million USD) |
| FY ended Jun. 29, 2014 | FY ended Jun. 30, 2013 | FY ended Jul. 1, 2012 |
|
| Total | 12.8 | 12.5 | 13.6 |
-In the fiscal year ended June 29, 2014, the Company invested mainly in new product programs, and in the upgrade and replacement of existing equipment.
-The Company anticipates its capital expenditures will be approximately USD 21 million in the fiscal year ending June 28, 2015. The capital expenditures will be invested towards the establishment of a new plant in Juarez, Mexico and expansion of a sales and engineering office in Michigan, U.S.
Investment outside U.S.
<Mexico>-In 2014, the Company acquired a third facility in Juarez, Mexico near its second facility to accommodate sales growth in latches and door handle components.