What Strattec Security Corp. told the SEC could break it.

Strattec's three largest customers — GM (29%), Ford (23%) and Stellantis (12%) — together represented ~64% of fiscal-2025 sales; OEM platform/model losses or production cuts at any would materially affect results.

“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”

As a Mexico-assembling supplier shipping ~65% of sales into the U.S. under USMCA, Strattec is exposed to evolving U.S. tariffs and retaliatory measures — it already absorbed $2.5M of tariff costs in fiscal 2025 and expects FY2026 OEM production down 5-6% partly on tariff uncertainty.

“Like other automotive suppliers, we source raw materials and components from a global supply chain with final assembly for our products completed in our Mexico operations. We ship approximately 65% of our sales (the majority of which are USMCA compliant) to customer production sites in the United States, with the balance shipped to other cou”

Final assembly is concentrated in three Juárez, Mexico plants (with component manufacturing in Milwaukee, WI), and ~65% of sales ship to U.S. customer plants — making operations dependent on U.S.–Mexico border crossings and Mexican labor.

“Substantially all of our products are manufactured at the facilities we own in the United States and Mexico. Many of the components used in our products are manufactured in our facility in Milwaukee, Wisconsin, which specializes in die casting, stamping and plating operations. We also operate in three production facilities in Juarez, Mexico.”