Stoneridge Announces Second MirrorEye® Award with Commercial Vehicle OEM
NOVI, Mich. — Sept. 18, 2019 — Stoneridge, Inc. (NYSE: SRI) today announced its second MirrorEye® Camera Monitor System (CMS) award with a commercial vehicle OEM. The award represents an estimated $10 million in peak annual revenue based on forecasted production levels and an assumed penetration rate of the system of 10%-15%. Production is scheduled to begin in 2021.
“As the industry continues to focus on technologies that improve vehicle safety and efficiency, we are excited to support another OEM partner in bringing industry leading technology to its customers,” said Jon DeGaynor, president and chief executive officer, Stoneridge. “Our MirrorEye platform helps drivers operate more safely, reduces vehicle maintenance and safety related costs for our end users, and improves fuel efficiency of the vehicle.”
Stoneridge’s MirrorEye CMS replaces traditional rear and side view mirrors with digital cameras and provides significant improvement over conventional mirrors including:
- Greater field of view and elimination of common blind spots
- Augmented, enhanced vision quality at night and during adverse weather conditions
- Trailer panning tracks the end of the trailer
- Improved fuel economy through aerodynamic design of its exterior camera arms
In addition to having OEM awards for MirrorEye, Stoneridge remains the only company in the world with an exemption from the Federal Motor Carrier Safety Administration (FMCSA) to replace traditional mirrors with the MirrorEye CMS on commercial vehicles in the U.S. The Company is currently engaged in extensive evaluations with leading fleets, including J.B. Hunt, Maverick Transportation, and Schneider National, in preparation for the roll-out of an aftermarket MirrorEye product which is expected this year.
To learn more about Stoneridge and its products and solutions, please visit Stoneridge.com.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Mich., is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at Stoneridge.com.
Statements in this press release that are not historical fact are forward-looking statements which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant volume change in automotive, commercial vehicle, motorcycle, off-highway vehicle and agricultural equipment production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company’s facilities or at any of the Company’s significant customers or suppliers; the ability of the Company’s suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; the failure to achieve successful integration of any acquired company or business; and the items described in Part I, Item IA (“Risk Factors”) of the Company’s 2018 10-K filed with the SEC. The forward-looking statements contained in this press release represent our estimates only as of the date of this press release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Director, Global Strategic Marketing and Communications