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Strattec Security Corp. Business Report FY2010
Business Highlights
Financial Overview |
(in million USD) |
| FY2010 | FY2009 | Rate of Change (%) | Factors | |
| Sales | 207.9 | 126.0 | 65.0 | - |
| Gross profit | 33.0 | 13.2 | 150.0 | - |
| Income from operations | 4.4 | (12.7) | - | - |
| Net income | 3.9 | (6.9) | - | - |
Sales by Customer
-Sales to General Motors Company in FY2010 were $51.7 million compared to $39.2 million in FY2009. Included in FY2010 sales to General Motors were $5.0 million of sales to Nexteer Automotive, formerly a unit of Delphi Corporation, which is now owned by General Motors.-Sales to Chrysler Group LLC were $68.2 million in FY2010 compared to $31.9 million in FY2009 and sales to Ford Motor Company were $18.4 million in FY2010 compared to $12.6 million in FY2009.
-In FY2010, sales generated by Strattec Power Access LLC (SPA) to Hyundai Kia were $13.2 million.
R&D
R&D Expenditure |
(in million USD) |
| FY2010 | FY2009 | FY2008 | |
| Total | 0.9 | 0.67 | 1.9 |
R&D Structure
-Research and development activities are centered around research engineering staff called "Advanced Development Group". Projects focus on electronic and mechanical access control products, modularization of related access/security control components and new manufacturing processes to reduce costs for itself and its customers.-The Company's engineering resources are organized by product type. It has four product groups: Locks and Keys, Latches, Driver Control/Ignition Lock Housings and Electrical.Each group has engineers who design and develop products for specific applications.
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