17 August 2023

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

DIRECTORATE CHANGE

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, announces the appointment of Geraint Davies as an Independent Non-Executive Director.

Geraint will be joining the Board on 18 September 2023 and will become Chair of the Company's Audit and Risk Committee at the same time, subject to the satisfactory completion of due diligence by the Company's Nominated Adviser, Liberum Capital Limited.   

Geraint is a Chartered Accountant with over 30 years' experience as a Partner in the "Big Four" accounting firms, working principally with global businesses in manufacturing, real estate, mining, distribution and financial services. Prior to his appointment, Geraint held senior leadership roles in EY's practices in the Channel Islands, the  UK,  and most recently in Malta. He has also previously held roles with PwC and Deloitte. Throughout his career, Geraint has had specific responsibility for risk, both at regional and national level, as well as leading on talent development and senior recruitment. Geraint holds a degree in Economics and Accounting from Bristol University.

Raymond Bench, Chairman of CT Automotive, said:

"We are delighted to welcome Geraint Davies to the Board and look forward to working with him. Geraint's experience of working in multi-cultural teams and geographies combined with his strong assurance and accounting credentials are an excellent fit for CT Automotive, and will complement the current mix of skills and experience on our Board."

For further information please contact:

Notes to editors

CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example dashboard panels and fascia finishes) and kinematic assemblies (for example air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.

The Group is headquartered in the UK with a low-cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Turkey, Mexico and the Czech Republic.

CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality roster of OEM end customers, both directly and via Tier One suppliers including Faurecia and Marelli. End customers include volume manufacturers, such as Nissan, and luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies electric car manufacturers, including Lucid. It has also recently started working with e.Go Mobile, a German manufacturer which plans to launch a series of small electric vehicles for the budget end of the market.

The Group currently supplies component part types to over 47 different models for 19 OEMs. Since its formation, the Group has been the only significant new entrant into the market, which is characterised by high barriers to entry.