April 17, 2013 -
The newly-formed venture, known as “NextLock” aims to combine the scale of Strattec’s engineering and manufacturing with Actuator’s digital security technologies and non-automotive sales channels.
“NextLock is an exciting initiative in our diversification strategy by growing access technology outside of our traditional automotive markets,” Frank Krejci, President & CEO of Strattec said. “Actuator’s technology further broadens our product line, enhances our electronics capabilities and may be leveraged for future security products for both our automotive and aftermarket customers.”
According to the company, Actuator Systems is a manufacturer of custom designed security products, including weatherproof biometric locks. Strattec manufactures automotive access control products.
As we’ve reported previously, a recent market report estimates that the global electronic access control market will reach $16.3 billion by 2017, growing at a CAGR of 7% from 2012 to 2017. According to the report, the growth is mainly attributed to heightened security concerns backed by government and regulatory mandates, and biometrics is also a major contributor to this growth.
“We couldn’t be more excited about our joint venture with STRATTEC. The combination of our technology and Strattec’s exceptional manufacturing expertise will create a new class of advanced security products,” Kevin Henderson, President and CEO of Actuator Systems said. “NextLock is in an exceptional position to pursue numerous opportunities for new lines of advanced locks and security devices.”