Nov
21
Starcraft’s Tecstar Venture Signs New Supply Contracts; New Packages for Chevrolet S-10 Pickups, Cadillac Escalade SUVs; New Canadian Facility Begins Production
Filed Under Chevy Cars
GOSHEN, Ind.–(BUSINESS WIRE)–Jan. 28, 2003
Starcraft Corporation (Nasdaq:STCR), said today that its Tecstar joint venture has signed two new contracts with General Motors to provide key components for selected S-10 pickup trucks and Cadillac Escalade sport utility vehicles.
Starcraft said Tecstar will begin next month supplying and installing vent-type power sunroofs on Chevrolet S-10 pickups at its Shreveport, La., plant, where Tecstar currently installs design components for the S-10 Xtreme. Starcraft said that the sunroof contract will continue through the 2003 model year ending this September, and will generate an estimated $5 million in additional revenue.
The second contract covers the engineering and supplying of certain components for the 2004 Cadillac Escalade sport utility vehicle. Tecstar will supply various components to be assembled by General Motors in Silao, Mexico. The three-year supply contract will begin in October at the start of the 2004 model year, and generate an estimated $3 million in annual revenues.
“These agreements provide even more evidence of the quality, value and flexibility that Tecstar offers as a key supplier and installer of design components for GM,” President and COO Michael H. Schoeffler said. “We are eager to offer the same level of quality and service across a broader range of automobile and truck programs.”
In addition, Tecstar launched full production at its Whitby, Ontario, Canada plant. The Whitby plant assembles second stage components on Chevrolet’s SS Silverado pickup truck. This program is expected to generate $30 million in annual revenue and last thru the 2006 model year. The new 80,000 square foot facility will employ approximately 80 people.
