CT Automotive Group plc
("CT Automotive" or
the "Group")
AIM Rule 17
Update
CT Automotive, a leading designer,
developer and supplier of interior components to the global
automotive industry, today announces the following
additional director disclosure provided pursuant to AIM Rule 17 and
Schedule Two (g) of the AIM Rules.
As previously announced, the Group took the decision to close its manufacturing operations in the
UK. This process concluded on 28 June 2024 by means of
a creditors' voluntary liquidation.
The UK manufacturing operations were
trading as Chinatool Automotive Systems Limited. Simon
Phillips, Chief Executive Officer of CT Automotive, was an
executive director of Chinatool Automotive Systems Limited when it
entered into the creditors' voluntary liquidation on 25 July
2023.
Change of Name
of Nominated Adviser and Broker
The Company's Nominated Adviser and Broker has
changed its name to Panmure Liberum Capital Limited.
Enquiries:
|
CT
Automotive
Simon Phillips, Chief Executive
Officer
Anna Brown, Chief Financial Officer
|
Via
Novella
|
|
Panmure
Liberum (Nominated Adviser and Broker)
Richard Lindley
|
Tel: +44 (0)20 3100
2000
|
|
Novella
Communications (Financial Public Relations)
Tim Robertson, Claire de Groot, Safia
Colebrook
|
Tel : +44 (0)20 3151
7008
ctautomotive@novella-comms.com
|
Notes to editors
CT Automotive is engaged in the
design, development and manufacture of bespoke automotive interior
finishes (for example, dashboard panels and fascia finishes) and
kinematic assemblies (for example, air registers, arm rests,
deployable cup holders and storage systems), as well as their
associated tooling, for the world's leading automotive original
equipment suppliers ("OEMs") and global Tier One
manufacturers.
The Group is headquartered in the UK
with a low cost manufacturing footprint. Key production facilities
are located in Shenzhen and Ganzhou, China complemented by
additional manufacturing facilities in Mexico, Türkiye and Czechia.
CT Automotive's operating model
enables it to pursue a price leadership strategy, supplying high
quality parts to customers at a lower overall landed cost than
competitors. This has helped the Group build a high-quality
portfolio of OEM customers, both directly and via Tier One
suppliers including Forvia and Marelli. End customers include
volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi
Group, and premium luxury car brands such as Bentley and
Lamborghini. In addition, the Group supplies all our customer
base with a range of products for PHEV and BEV platforms and
supplies electric car manufacturers, including Rivian and a US
based major EV OEM.
The Group currently supplies
component part types to over 57 different models for 22 OEMs. Since
its formation, the Group has been one of the very few new entrants
to the market, which is characterised by high barriers to
entry.