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Tony Gott, Executive Chairman & Vic Kist, CEO of Saietta #SED discuss their Joint commercialisation and development agreement with Consolidated Metco a major global manufacturer and supplier of commercial automotive components to customers including Ford, Volvo and Daimler.
Highlights
· Saietta is pleased to announce it has today entered into a Joint Commercialisation and Development Agreement (the "JCDA") with Consolidated Metco, Inc. ("ConMet").
· ConMet is a major global manufacturer and supplier of commercial automotive components to customers including Ford, Volvo and Daimler.
· ConMet's primary product is its wheel hub assemblies for trucks and currently has 18 million of its truck hub assemblies on the road.
· Subject to completion of a successful joint development programme, ConMet's and Saietta's initial target is for in excess of 100,000 units for the two products over the next 5 years - which could equate to over USD 1 billion of product sales being made by ConMet (in which Saietta could potentially participate in indirectly via its profit share arrangements).
· Saietta and ConMet will cooperate to bring two new truck e-drive product systems, an in-wheel generator and an in-wheel motor, to commercial production targeting 2023 and 2024, respectively. The new products will be aimed at ConMet's existing USA customer base and will also be offered to a number of European OEMs.