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, in 2001, entered into a formal alliance with WITTE-Velbert GmbH, an automotive supplier based in Germany which designs, develops, manufactures and markets automotive access control products for European-based customers. The company has a 50-50 joint venture, WITTE-STRATTEC LLC, to invest in operations with local partners in strategic markets outside of Europe and North America. In 2006, the company announced the expansion of this alliance and related joint venture with the addition of a third partner, ADAC Plastics, Inc. The company participates in certain alliance agreements with WITTE Automotive (WITTE) and ADAC Automotive (ADAC). WITTE, of Velbert, Germany, is a privately held automotive supplier. WITTE designs, manufactures and markets automotive components, including locks and keys, hood latches, rear compartment latches, seat back latches, door handles and specialty fasteners. WITTE’s primary market for these products has been Europe. ADAC, of Grand Rapids, Michigan, is a privately held automotive supplier and manufactures engineered products, including door handles and other automotive trim parts, utilizing plastic injection molding, automated painting and various assembly processes. Under this relationship STRATTEC, WITTE and ADAC market each company’s products to 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. VAST do Brasil, a joint venture between VAST LLC and Ifer do Brasil Ltda., services customers in South America. VAST Fuzhou, VAST Great Shanghai and VAST China Co. (collectively known as VAST China), provides a base of operations to service automotive customers in the Asian market. VAST LLC also maintains branch offices in South Korea and Japan in support of customer sales and engineering requirements. NextLock LLC In 2013, the company formed a new joint venture with Actuator Systems LLC called NextLock LLC. The purpose of this joint venture is to assemble and sell the next generation of biometric security products based upon the designs of Actuator Systems. Customers The company’s customers include General Motors Company, Ford Motor Company, and Chrysler Group LLC. Research and Development The company engages in research and development activities pertinent to automotive access control. A major area of focus for research is the expanding role of vehicle access via electronic interlocks and modes of communicating authorization data between consumers and vehicles. For the fiscal year 2013, the company spent approximately $1.3 million on research and development. Regulations The company is subject to Federal, state, local and foreign laws and other legal requirements relating to the generation, storage, transport, treatment and disposal of materials as a result of its manufacturing and assembly operations. These laws include the Resource Conservation and Recovery Act (as amended), the Clean Air Act (as amended), the Clean Water Act of 1990 (as amended) and the Comprehensive Environmental Response, Compensation and Liability Act (as amended). Competition The company’s lockset, housing and power access competitors include Huf North America, Ushin/Valeo, Tokai-Rika, Alpha-Tech, Honda Lock, Shin Chang, Magna, Edscha, Stabilus, Aisin, Brose, Mitsuba, Ohi, Kiekert, Inteva, Key Plastics and Gecom. History STRATTEC SECURITY CORPORATION was founded in 1994.
strattec security corp (STRT:NASDAQ GM)
3333 West Good Hope Road
Milwaukee, WI 53209
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