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Croatia's AD Plastik seals contracts worth 10.2 mln euro for Hungarian market

Croatia's AD Plastik seals contracts worth 10.2 mln euro for Hungarian market AD Plastik factory; Source: AD Plastik

ZAGREB (Croatia), April 23 (SeeNews) - Croatian manufacturer of plastic components for the auto industry AD Plastik [ZSE:ADPL] has signed contracts worth a total of 10.2 million euro ($11.5 million/75.7 million kuna) for production of car parts for the Hungarian market, it said on Tuesday.

This is the first deal sealed for the Hungarian market since AD Plastik acquired Hungarian company Tisza Automotive Kft in July 2018, the Croatian  company said in a filing to the Zagreb Stock Exchange (ZSE). 

Under a 1.5 million euro, seven-year contract, AD Plastik will produce radar brackets for Renault Traffic, with the launch of serial production planned for 2020. Another contract, signed with German automotive part supplier Hella and worth 5.1 million euro, includes production of light housing for Nissan Navara and Volvo V40, with production set to start in 2019 and run for three years.

AD Plastik also sealed a 3.6 million euro deal to supply parts for Suzuki's Vitara and S Cross models, Audi's A3 and A3 CC, and BMW 3. 

The company will manufacture cooling fan trims for Suzuki, to be used on the Vitara and S Cross models. The project is worth an overall of 0.5 million euro and will run for three years, with start of serial production in 2019. Another project sealed with metal and plastic parts producer Alro includes production of side trims and bumper components for Audi vehicles, worth 2.2 million euro. A deal with German automotive manufacturer SMP for production of headliner trims for BMW 3 is worth 0.9 million euro, estimated to last five years, with serial production planned to start in 2020.  

AD Plastik's consolidated net profit grew 24% year-on-year in 2018, reaching 87.27 million kuna. 

(1 euro = 7.42498 kuna)