Trifast Eyes Electric Car Market
Trifast says it is poised to profit from car makers’ forays into robotic vehicles, the Northern Echo reports.
Trifast says automotive work accounts for more than 30% of the business’ global revenue, with the UK industrial fastener market worth around £1.2 billion (US$1.5 billion).
“Automotive is the fastest-growing sector and the most demanding,” stated executive chairman Malcolm Diamond. “Model changes and electric vehicles and the new battery factories to support these are all fastener rich opportunities.”
The development of autonomous vehicles by Google is a good example, Diamond noted.
“Interiors will be equipped as offices, seats that recline and rotate, and new features will be added, which will increase comfort and communication. All of this will bring fresh challenges and new opportunities.”
During fiscal 2016, Trifast revenue increased to £161.4m and pre-tax profits improved to £16m.
“Seven years ago, less than 15% of group revenue derived from the automotive sector, but demand for our expertise has become global.”
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