2023-03-20 09:44:01 ET
- ITT ( NYSE: ITT ) signed a 10-year strategic agreement for the supply of aftermarket brake pads to Continental, global automotive supplier.
- The agreement is expected to generate $1B+ in revenue over the term.
- Under the agreement, ITT Friction Technologies will provide exclusive aftermarket brake pads, brand, ATE, to Continental; operates within the Motion Technologies segment that accounts for over 45% of total company revenues.
- The contract commences on Jan. 1, 2024, immediately after the current agreement expires, and extends until Dec. 31, 2033.
- Sales to Continental in 2022, including through an existing aftermarket agreement, were ~8% of total ITT revenue and 18% of total Motion Technologies revenue.
For further details see:
ITT And Continental enter into a 10-year strategic aftermarket agreement, accretive to revenue