Founded in 1965, Stoneridge, Inc. is a global designer and manufacturer of
highly engineered electrical and electronic components, modules and systems
for the automotive, commercial, motorcycle, off-highway and agricultural vehicle
markets. Our products and systems are critical elements in the management of
mechanical and electrical systems to improve overall vehicle performance, convenience
and monitoring in areas such as emissions control, fuel efficiency, safety,
security and infotainment. Our extensive footprint encompasses 27 locations
in 12 countries and enables us to supply global and regional automotive, commercial,
motorcycle, off-highway and agricultural vehicle manufacturers around the world.
Our custom-engineered products and systems are used to activate equipment and
accessories, monitor and display vehicle performance and control, distribute
electrical power and signals and provide vehicle security and convenience. Our
product offerings consist of (i) sensors, (ii) application-specific actuators,
switches and valves (iii) vehicle and driver information systems, (iv) vehicle
management electronics, (v) power and switch distribution modules and telematics,
(vi) security alarms and vehicle tracking devices and monitoring services and
(vii) convenience accessories. We supply the majority of our products, predominantly
on a sole-source basis, to many of the world’s leading commercial vehicle
and automotive original equipment manufacturers (“OEMs”), agricultural
manufacturers and select non-vehicle OEMs, as well as certain commercial vehicle
and automotive tier one suppliers. Our customers are increasingly utilizing
electronic technology to comply with more stringent regulations (particularly
emissions and safety) and to meet end-user demand for improved vehicle performance
and greater convenience. As a result, per-vehicle electronic content has been
increasing. Our technology and our partnership-oriented approach to product
design and development enables us to develop next-generation products.
The markets for products in our reportable segments have been cyclical. Because
these products are used principally in the production of vehicles for the automotive,
commercial, motorcycle, off-highway and agricultural vehicle markets, revenues
and therefore results of operations, are significantly dependent on the general
state of the economy and other factors, like the impact of environmental regulations
on our customers, which affect these markets. A decline in automotive, commercial,
motorcycle, off-highway and agricultural vehicle production of our principal
customers could adversely impact the Company. Also, our PST business is significantly
dependent on the overall state of the Brazilian economy. Our Electronics and
Control Devices segments are typically not affected by seasonality, however
the demand for our PST segment consumer products is typically higher in the
second half of the year, the fourth quarter in particular.
Control Devices. Our Control Devices segment designs and manufactures products
that monitor, measure or activate specific functions within a vehicle. This
segment includes product lines such as sensors, switches, valves and actuators.
Sensor products are employed in major vehicle systems such as the emissions,
safety, powertrain, braking, climate control, steering and suspension systems.
Switches transmit signals that activate specific functions. Our switch technology
is principally used in two capacities, user-activated and hidden. User-activated
switches are used by a vehicle’s operator or passengers to manually activate,
rear defrosters and other accessories. Hidden switches are not typically visible
to vehicle operators or passengers and are engaged to activate or deactivate
selected functions as part of normal vehicle operations, such as brake lights.
In addition, our Control Devices segment designs and manufactures actuator products
that enable OEMs to deploy power functions in a vehicle and can be designed
to integrate switching and control functions including our shift by wire product.
We sell these products principally to the automotive market as well as the commercial
vehicle and agricultural markets.
Electronics. Our Electronics segment designs and manufactures electronic instrument
clusters, electronic control units and driver information systems. These products
collect, store and display vehicle information such as speed, pressure, maintenance
data, trip information, operator performance, temperature, distance traveled
and driver messages related to vehicle performance. In addition, power distribution
modules and systems regulate, coordinate, monitor and direct the operation of
the electrical system within a vehicle. These products use state-of-the-art
hardware, software and multiplexing technology and are sold principally to the
commercial vehicle market.
PST. Our PST segment, which primarily serves the South American market, specializes
in the design, manufacture and sale of in-vehicle audio and video devices, electronic
vehicle security alarms, convenience accessories, vehicle tracking devices and
monitoring services primarily for the automotive and motorcycle markets. This
segment includes product lines such as alarms, convenience applications, vehicle
monitoring and tracking devices and infotainment systems. These products improve
the performance, safety and convenience features of our customers’ vehicles.
PST sells its products through the aftermarket distribution channel, to factory
authorized dealer installers, also referred to as original equipment services,
direct to OEMs and through mass merchandisers.
6.48% 
51.16 %