TORONTO,
Oct. 16, 2014 /PRNewswire/ - 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