TORONTO, Oct. 16, 2014 /CNW/ - Exco Technologies Limited (TSX-XTC) is pleased to announce today that its subsidiary Automotive Leather Company ("ALC") has been awarded a leather seat cover program by a German OEM for a line of premium compact vehicles. The start of production is expected to be approximately January 2016. Estimated sales, based on current projected automobile production volumes, is expected to be approximately $35 million per annum.
This award is significant because it is a major step toward achieving Exco's goal of diversifying its customer base among German OEMs while continuing to focus on servicing its major customer BMW in the luxury premium light vehicle segment.
Exco is also pleased to announce that its quality and operational excellence continues to be recognized by its customers with the recent award to Polytech of the General Motors Supplier Quality Excellence Award. This is the second consecutive year that Polytech has received this prestigious recognition. Such awards carry considerable weight among customers when awarding new business. In the last year, Polytech also received the Toyota Motor Sales Quality Alliance Gold Award and Exco's Polydesign subsidiary in Morocco received the General Motors/Opel/Vauxhall Supplier Excellence Award and the Johnson Control Europe Supplier Excellence Award.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 18 strategic locations, we employ 4,740 people and service a diverse and broad customer base.
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as "expected", "estimated", "projected" and similar expressions to identify forward-looking information and statements especially with respect to sales levels and automobile production volumes on the awarded program. Such forward-looking information and statements are based on assumptions and analyses made by us in light of our discussions with the customer, current conditions and expected future developments, as well as other factors we believe to be relevant and appropriate in the circumstances. These assumptions include, among other things, the number of automobile vehicles produced in Europe, the rate of economic growth in Europe and currency fluctuations (particularly with respect to the US dollar, Euro and Canadian dollar) and the timing of the launch of the awarded program. Readers are cautioned not to place undue reliance on forward-looking information and statements, as there can be no assurance that the assumptions, plans, intentions or expectations upon which such statements are based will occur. Forward-looking information and statements are subject to known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed, implied or anticipated by such information and statements. These risks, uncertainties and assumptions are described in the Company's Management's Discussion and Analysis included in our 2013 Annual Report, in our 2013 Annual Information Form and, from time to time, in other reports and filings made by the Company with securities regulatory authorities.
While the Company believes that the expectations expressed by such forward-looking information and statements are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the Company will update its disclosure upon publication of each fiscal quarter's financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.
SOURCE: Exco Technologies Limited
For further information:
Source: Exco Technologies Limited (TSX-XTC)
Contact: Paul Riganelli, Senior Vice-President, Chief Operating Officer
Telephone: (905) 477-3065 Ext 7228