Strattec Security Corp
Automotive vehicle access systems, which are both theft deterrent and consumer
friendly, are trending toward electro-mechanical devices. Electronic companies
are developing user identification systems such as bio-systems, card holder
(transmitter) systems, etc., while mechanical locks, keys, housings, and latches
are evolving to accommodate electronics. The Company believes it is positioning
itself as a vehicle access control supplier by building its product, engineering
and manufacturing expertise in the required electro-mechanical products, which
include vehicle access latches, keys with remote entry electronic systems, and
ignition interface systems with passive start capabilities.
The Company engages in research and development activities pertinent to automotive
access control. A major area of focus for research is the expanding role of
vehicle access via electronic interlocks and modes of communicating authorization
data between consumers and vehicles. Development activities include new products,
applications and product performance improvements. In addition, specialized
data collection equipment is developed to facilitate increased product development
efficiency and continuous quality improvements.
The Company incurs costs related to tooling used in component production and
assembly. Some of these costs are reimbursed by customers who then own the tools
involved.
As is the case with other manufacturers, the Company is subject to Federal,
state, local and foreign laws and other legal requirements relating to the generation,
storage, transport, treatment and disposal of materials as a result of its manufacturing
and assembly operations. These laws include the Resource Conservation and Recovery
Act (as amended), the Clean Air Act (as amended), the Clean Water Act of 1990
(as amended) and the Comprehensive Environmental Response, Compensation and
Liability Act (as amended). The Company has an environmental management system
that is ISO-14001 certified. The Company believes that its existing environmental
management system is adequate and it has no current plans for substantial capital
expenditures in the environmental area.
3.87% 
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