2nd Nov 2015 08:36
LONDON (Alliance News) - Telit Communications PLC on Monday said it has secured two supply agreements for its cellular modules with two unnamed automotive sector clients.
The deals are the fifth and sixth Telit, the machine-to-machine communications provider, has secured over the past 12 months, providing a total of USD220.0 million in revenue for Telit over the course of the deals.
Telit said its ATOP 3.5G and UE910 modules will be used on Korean car models being sold into Europe and Russia, on American and Chinese cars being sold in China, and on German cars and motorcycles sold globally.
"The selection of essentially all of our top-generation, automotive-grade modules for world-class projects like these is a great validation of the strategy we have been implementing for the automotive OEM segment," said Oozi Cats, Telit's chief executive.
"This is also a validation of the quality and performance already achieved by our expanding automotive business unit which has been receiving heavy investment in recent years," Cats added.
Shares in Telit were up 1.6% to 253.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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