STRATTEC sells its one-third VAST LLC stake to WITTE for $18.5M, gains full control of SPA

STRATTEC SECURITY CORP

Net purchase price of $18.5M for the one-third VAST interest, subject to adjustments for taxes and expenses.
Receives WITTE's 20% minority interest in SPA, making STRATTEC the sole owner of SPA.
Also acquires net assets of VAST LLC's Korea branch, to be operated as a new Korea branch of STRATTEC.
CEO says transaction allows redeployment of assets toward EV, power access, and electronics growth.
Closings effective June 30, 2023; company expects to continue VAST brand collaboration with WITTE.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STRATTEC SECURITY CORP entered into Equity Restructuring Agreement with WITTE Automotive GmbH valued at $18,500,000 (effective 2023-06-29).

Action: entry
Agreement: equity purchase
Counterparty: WITTE Automotive GmbH
Value: $18,500,000
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, STRATTEC SECURITY CORPORATION (the " Company ") entered into an Equity Restructuring Agreement (the " Restructuring Agreement ") with WITTE Automotive GmbH (" WITTE ") providing for the restructuring of the Company's Vehicle Access Systems Technologies LLC (" VAST LLC ") and its STRATTEC Power Access LLC, a Delaware limited liability company (" SPA "), joint ventures.

View on SEC.gov

Browse all material agreements →

STRATTEC SECURITY CORP filing history →

Source: SEC EDGAR

accession 0001140361-23-032437

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.