Automotive components manufacturer revs up for EV market with £28m flotation
Birmingham-based automotive components manufacturer Strip Tinning has floated on AIM.
The firm has raised £8m from the share issue which values the company, which was established in 1957, at £28m.
The group consists of two business lines; Glazing and EV. Over 90% of the group’s historical sales have been related to glazing systems by way of busbars for in-screen heating, connectors for heating and antennae, and supplies of tungsten.
A statement from Strip Tinning said: “The directors believe the placing and admission will enable the company to accelerate its growth plans and underpin its early mover advantage in the EV battery sector, further enhance its profile in the markets in which it operates and assist with attracting, retaining and incentivising high calibre employees via participation in the company’s share incentive plan.”
Richard Barton, chief executive officer of Strip Tinning, added: “Today’s admission to AIM is a significant landmark for Strip Tinning and a special day in the company’s evolution. The business continues to go from strength to strength and has come a long way since being founded in 1957, plating wires and coils for general engineering applications in the local Birmingham area.
“We are now a leading supplier of specialist connectors to the automotive sector, having established long-term customer relationships with some of the automotive industry’s most familiar names. Today’s admission provides us with the resources to further enhance our capabilities and continue on our exciting journey.
“I would like to take this opportunity to thank the Strip Tinning team for all their hard work over the years and to welcome our new shareholders to the register.”
