Hartlepool’s Stadium Group awarded £5m manufacturing contract
Stadium Group Plc, a Hartlepool-based supplier of wireless solutions, power supplies and electronic assemblies, has been awarded a manufacturing contract worth £5 million by Trak Global Solutions Ltd , a UK-based telematics business.
This new contract, an extension of the two companies’ ongoing supply partnership, will see the Company continue to produce Trak Global’s insurance telematics and usage-based insurance units.
The telematics products are fitted to a vehicle and monitor individual driving styles taking into account factors such as acceleration, braking and speeding; encouraging insurance customers to adopt a safer driving style as it can benefit the level of the insurance premium.
Insurance Telematics, which underpins UBI, is one of the fastest growing machine-to-machine (M2M) vertical markets, with Berg Insight projecting CAGR of 42.4% between 2015 and 2019. This new contract will underpin the continued growth in Wireless expected to be seen in 2016 and beyond.
Charlie Peppiatt, Chief Executive Officer of Stadium, commented: “Aftermarket automotive telematics is an exciting growth area for M2M wireless communication and we’re delighted to announce this deal with Trak Global.
“The size and scale of this engagement further underpins the strength of our Stadium Wireless proposition, benefiting from the growing trend towards Insurance Telematics. Our dedicated Wireless Regional Design Centres and manufacturing centres of excellence provide mass volume scale and local agility for Trak Global as they expand their offering to the UK car insurance market.”
Nick Corrie, Managing Director of Trak Global, added: “We’re very pleased to work with Stadium as our Wireless hardware manufacturing partner as we continue to build on our position as a leading European telematics solutions provider.
“Stadium’s ability to optimise a global supply chain as well as having the capacity to support high volume roll-out of products for this high growth sector, make them the ideal partner for us.”
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