STRATTEC SECURITY CORPORATION designs, develops, manufactures, and markets automotive access control products. The company’s products include mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles, and related products for North American automotive customers. The company also supplies global automotive manufacturers through a joint venture relationship with WITTE Automotive (WITTE) of Velbert, Germany and ADAC Automotive (ADAC) of Grand Rapids, Michigan through Vehicle Access Systems Technology LLC (VAST LLC). Under this relationship STRATTEC, WITTE and ADAC market each company’s products to global customers under the VAST brand name. The company’s products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, and China. It provides full service and aftermarket support. The company’s traditional products are lock sets (locks and keys) for cars and light trucks. Typically, two keys are provided with each vehicle lockset. Most of the vehicles the company supplies are using keys with radio frequency identification technology for additional theft prevention. Ignition lock housings represent an access control product for the company. These housings are the mating part for the company’s ignition locks and typically are part of the steering column structure, although there are instrument panel-mounted versions for certain vehicle applications. The company is also developing additional access control products, including trunk latches, lift gate latches, tailgate latches, hood latches, side door latches and related hardware. The company supplies door handle components and related vehicle access hardware. The company primarily focuses on electronic and mechanical access control products and modularization of related access/security control components. The company offers a range of access control related products available on a global basis to support customer programs. In 2015, VAST LLC executed a purchase agreement to become a 50:50 joint venture partner with Minda Management Services Limited, an affiliate of both Minda Corporation Limited and Spark Minda, Ashok Minda Group of New Delhi, India (collectively, Minda). VAST LLC acquired a 50 percent equity interest in the former Minda-VAST Access System (Minda-VAST) joint venture entity, based in Pune, India. Minda-VAST would have operations in Pune and Delhi. Minda is a manufacturer of security and access products and handles, for both OEMs and the aftermarket in India. The company is developing VAST as a global brand with which it is jointly pursuing business with identified global customers. Those identified customers are General Motors Company, Ford Motor Company, Fiat Chrysler Automobiles, Volkswagen, Honda, Toyota, Renault/Nissan and Hyundai/Kia. During 2013, the company formed a new joint venture with Actuator Systems LLC called STRATTEC Advanced Logic. The purpose of this joint venture is to assemble and sell the next generation of biometric security products based upon the residential and commercial designs of Actuator Systems. During 2009, the company formed a new subsidiary with WITTE Automotive called STRATTEC POWER ACCESS LLC (SPA) to acquire the North American business of the Delphi Power Products Group. SPA in turn owns a Mexican subsidiary, STRATTEC POWER ACCESS de Mexico. During 2007, the company formed a new entity with ADAC called ADAC-STRATTEC LLC, including a wholly owned Mexican subsidiary ADAC-STRATTEC de Mexico. The purpose of this joint venture is to produce certain ADAC and STRATTEC products utilizing ADAC’s plastic injection molding expertise and STRATTEC’s assembly capability. ADAC-STRATTEC de Mexico operates out of defined space in STRATTEC de Mexico Plant No. 2 located in Juarez, Mexico. Products from this joint venture include non-painted door handle components and exterior trim components for OEM customers producing in North America. The company owns 51% of this joint venture and its financial results are
strattec security corp
(STRT:Consolidated Issue listed on NASDAQ Global Market)
3333 West Good Hope Road
Milwaukee, WI 53209
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