MILWAUKEE, June 13, 2013 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT), announced that it was honored by Chrysler Group LLC with its 2013 Supplier of the Year award in the Electrical Products Category. Top performing suppliers were recognized at the Annual Strategy Meeting and Supplier Awards Ceremony, held Wednesday June 5, 2013. Other finalists in the Electrical Products category were Alpine Electronics, Inc. of Tokyo, Japan and KDAC of Daegu, Korea.
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After being a finalist in two categories for 2012, the STRATTEC team was awarded the Electrical Products 2013 Supplier of the Year Award by Sergio Marchionne, Chairman and CEO, Chrysler Group, Scott Kunselman, Senior Vice President, Purchasing and Supplier Quality, Chrysler Group and Tom Finelli, Director of Electrical Purchasing, Chrysler Group.
STRATTEC Security Corporation was recognized for "A prevailing sense of urgency to meet objectives and solve problems as they arise," and for "Integrity and accountability in actions from both sides of the relationship." More specifically, STRATTEC was commended for innovative solutions, being customer-oriented, forming a true partnership with Chrysler and showing strong support for the Chrysler's service business.
STRATTEC Security Corporation was one of 6 product category winners. Another 10 awards were given in areas of operational excellence such as Logistics, Diversity Supplier Development and Sustainability.
For Chrysler Group LLC, STRATTEC Security Corporation is primarily a supplier of Locksets, Keyless Entry Systems, Ignition Switches, Power Sliding Door and Liftgate Systems. STRATTEC, and ADAC Automotive, also supply Door Handle components and Trim pieces to Chrysler Group LLC from their joint venture, ADAC-STRATTEC de Mexico.
"I am very proud of the work that the entire STRATTEC team has done to earn this very significant honor. As a company, we truly appreciate Chrysler for taking the time to recognize and thank suppliers who have worked closely with them during their amazing progress over the last few years," said Frank Krejci, President and CEO of STRATTEC. "We are honored to be recognized along with all these other great suppliers. Winning this award feels like walking down the red carpet at the Oscars, getting a beautiful trophy for our efforts, but not subjecting the audience to a long winded acceptance speech!"
STRATTEC designs, develops, manufactures and markets automotive Access Control Products, including 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. These products are provided to customers in North America, and on a global basis through a unique strategic relationship with WITTE Automotive of Velbert, Germany and ADAC Automotive of Grand Rapids, Michigan. Under this relationship, STRATTEC, WITTE and ADAC market our products to global customers under the "VAST" brand name. STRATTEC's history in the automotive business spans over 100 years.
Certain statements contained in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "could," "expect," "intend," "may," "planned," "potential," "should," "will," and "would." Such forward-looking statements in this release are inherently subject to many uncertainties in the Company's operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company's and its customers' products, competitive and technological developments, customer purchasing actions, foreign currency fluctuations, and costs of operations (including fluctuations in the cost of raw materials). Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release. In addition, such uncertainties and other operational matters are discussed further in the Company's quarterly and annual filings with the Securities and Exchange Commission.
The photo is also available via AP PhotoExpress.
CONTACT: Pat Hansen
Senior Vice President &
Chief Financial Officer