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 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.