Component supplier Kongsberg Automotive has been granted a five-year contract for the supply of brake vacuum assemblies from its Fluid Transfer division to an as-yet unnamed car manufacturer.
The contract is said to be worth an estimated €15m ($20.5m).
Fluid Transfer assembles automotive pipe and hose components for a range of light duty, industrial and commercial vehicles worldwide.
The latest contract will involve production at facilities in Europe and China and is set to commence in 2016.
Jonathan Day, executive vice president of Fluid Transfer at Kongsberg, said: "This award maintains our position as one of the specialist manufacturers of light-weight brake vacuum assemblies for the automotive sector and supports our strategy of a balanced growth between passenger cars and commercial vehicles.
The latest development comes as part of Kongsberg’s ongoing expansion of projects, especially for the BRIC markets. Earlier this week a series of contracts for deliveries to leading customers was established, worth a combined €54m ($74m) over a five year period. The supplier currently earns around 9% of its total revenues in the BRIC markets but hopes the contracts made this week will boost growth and double its revenues by 2019.
These contracts are largely for the delivery of gear shifts, throttle pedals, clutch systems and cable gearshift systems. Some of the OEMs included in the partnerships include: DongFeng Motors, Foton, Jinan and JAC in China; Kamaz in Russia; Asia Motor Works in India; and Ford, MAN and Iveco in Brazil.
Håkon Amundsen, Kongsberg’s vice president of sales and marketing for driver control systems, commented: “Kongsberg Automotive has strong growth ambitions in the BRIC countries and is established and focused to support local manufacturers with our global product portfolio.
“The new contracts show the success of our strategy and will contribute to increasing our market share in the BRIC countries.”