Completion of Refinancing
Updated : 14:58
11 October 2024
CT Automotive Group PLC
("CT Automotive" or the "Group")
Completion of Refinancing
CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, announces that, further to today's earlier announcement regarding entering into a new debt agreement, all conditions in relation to the refinancing of its existing working capital facility have been satisfied and the refinancing is now complete.
Enquiries:
CT Automotive Simon Phillips, Chief Executive Officer Anna Brown, Chief Financial Officer
| Via Novella
|
Singer Capital Markets Advisory LLP (Nominated Adviser and Broker) Steve Pearce, Alex Bond, James Todd
| Tel: +44 (0)20 7496 3000 |
Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook | Tel : +44 (0)20 3151 7008 |
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.
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