Shares in Strip Tinning Holdings PLC (AIM:STG) surged by 27% in early trading following the announcement of a new sales nomination for its glazing business.
The automotive supplier is a key player in providing specialised connection systems for the automotive industry.
This new nomination will see it supply glazing connectors to top global car manufacturers such as Mercedes, Volkswagen, Toyota and Skoda.
These connectors will be used in a variety of vehicles, both battery-operated and those with traditional combustion engines.
Scheduled to start in the second quarter of 2024, the supply agreement is set to last between two to five years. It is tied to the production timelines of the various vehicle programs.
The deal is expected to generate approximately €3 million in lifetime sales, with €525,000 anticipated for recognition in the fiscal year 2024.
At 8.45 am, the shares were changing hands for 54p, up 11.5p.