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NEWS
STRATTEC SECURITY CORPORATION Further Advances Strategy to Deliver Improved Performance
Tuesday, 10th December at 5:09 pm
Looking to upgrade and modernize operations while evaluating footprint
STRATTEC SECURITY CORPORATION (NASDAQ: STRT) ("STRATTEC" or "Company"), a leading provider of smart vehicle power access, security & authorization solutions for the global automotive industry, today announced that it will be listing its Milwaukee facility on the market for sale to inform its evaluation of opportunities for upgraded and modernized operations. The evaluation will include identifying the best operational space for manufacturing and also office accommodations for the corporate offices, both ideally in the Milwaukee area assuming economics allow.
Tuesday, 10th December at 5:09 pm
Looking to upgrade and modernize operations while evaluating footprint
STRATTEC SECURITY CORPORATION (NASDAQ: STRT) ("STRATTEC" or "Company"), a leading provider of smart vehicle power access, security & authorization solutions for the global automotive industry, today announced that it will be listing its Milwaukee facility on the market for sale to inform its evaluation of opportunities for upgraded and modernized operations. The evaluation will include identifying the best operational space for manufacturing and also office accommodations for the corporate offices, both ideally in the Milwaukee area assuming economics allow.
In addition, given improving productivity and operational performance, STRATTEC plans to reduce manufacturing from a three-shift operation to two-shifts in the first quarter of 2025 at its Milwaukee location. This will result in the elimination of approximately 20 direct labor roles. Changes will also include moving to a 10-hour, 4-day work week from the standard 8-hour, 5-day schedule. The manufacturing team was interested in this change which provides a more flexible work week for them.
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