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Strip Tinning Holdings PLC on Thursday said it has won a ‘major’ high-volume strategic nomination in the battery technologies market from a German automotive technology manufacturer. The Birmingham, England-based provider of connection systems to the automotive sector said the expected lifetime value of the contract is £43.0 million. Strip Tinning shares jumped 37% in response to 70.00 pence each on Thursday morning in London, giving it a market capitalisation of £12.8 million. Production supply is set to start in the fourth quarter of 2025. Strip Tinning noted further pre-production revenue of over £1.0 million to be received over 2024 and 2025 for the supply of tooling and pre-serial parts. ‘Given the substantial increase in the value of nominated business and its robust sales pipeline, the board has determined to accelerate the recruitment of key engineering staff required to manage both the large new glazing PDLC and battery technologies programmes and maintain its support of new programmes. This investment in engineering resources is anticipated to cost circa £400,000 in 2024,’ the company said. PDLC stands for polymer dispersed liquid crystals. Strip Tinning added that in the Glazing division, there was some moderation of market demand from original equipment manufacturers, as they align inventory levels. Executive Chair Adam Robson said: ‘Momentum continues to build in the business and our positioning in the battery technologies market goes from strength to strength. Our nominations order book in the last four months alone has nearly tripled, underpinning our medium-term ambitions and providing a very solid platform from which to grow. We are delighted to be accelerating our recruitment drive and creating employment opportunities and remain confident in securing further sales progress.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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