Surface Transforms
Discussion
Surface Transforms (AIM: SCE) manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces the following major customer update.
Major customer update - Loss of contract
The Company has been informed by General Motors ("GM") that it is re-sourcing its supply of brake disks with effect from 31st March 2026. GM is the Company's most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.
Outlook
The Company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the Company's ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder's interests. Further information will be provided as appropriate.
Major customer update - Loss of contract
The Company has been informed by General Motors ("GM") that it is re-sourcing its supply of brake disks with effect from 31st March 2026. GM is the Company's most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.
Outlook
The Company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the Company's ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder's interests. Further information will be provided as appropriate.
Yeah - just seeing that news filtering through.
I imagine that could be curtains now? It's just too expensive to make this kind of manufacturing working in the UK I guess.
There are quite a few other CCM vendors popping up out of China foundry's now - so even if the product isn't quite the same - the costs and availability will outweigh the performance.
The best ability is availability!
I imagine that could be curtains now? It's just too expensive to make this kind of manufacturing working in the UK I guess.
There are quite a few other CCM vendors popping up out of China foundry's now - so even if the product isn't quite the same - the costs and availability will outweigh the performance.
The best ability is availability!
gtsralph said:
Surface Transforms (AIM: SCE) manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces the following major customer update.
Major customer update - Loss of contract
The Company has been informed by General Motors ("GM") that it is re-sourcing its supply of brake disks with effect from 31st March 2026. GM is the Company's most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.
Outlook
The Company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the Company's ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder's interests. Further information will be provided as appropriate.
What could possibly go wrong ...Major customer update - Loss of contract
The Company has been informed by General Motors ("GM") that it is re-sourcing its supply of brake disks with effect from 31st March 2026. GM is the Company's most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.
Outlook
The Company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the Company's ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder's interests. Further information will be provided as appropriate.
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