Auburn Hills-based Nexteer Reports Strong Performance in 2017
Nexteer Automotive reported financial results for 2017, with revenue reaching nearly $3.9 billion.
Photo Courtesy: Nexteer
Nexteer Automotive, a Tier 1 supplier in Auburn Hills, reported financial results for 2017, with revenue reaching nearly $3.9 billion, an increase of 1 percent compared with 2016. Nexteer also had an operating profit of $428 million (a 3.1 percent increase over 2016) and a net profit of $352 million (an increase of 19.4 percent from 2016).
The 2017 results highlight ongoing execution and focus on delivering long-term profitable growth. Last year the company launched 32 major customer programs while expanding its global footprint to support future growth.
Last year, Nexteer opened new production facilities in Brazil, Mexico, and Indonesia as well as bringing a customer service center on line in Japan and announcing two facility groundbreakings China.
The company also announced several strategic join ventures and partnerships in 2017, including CNXMotion, a R&D joint venture with Continental Automotive dedicated to integrating advanced steering and braking technologies for autonomous vehicle applications, and a partnership with WABCO to supply active steering systems for commercial vehicles.
“Our strong financial performance in 2017 reflects Nexteer’s continued emphasis on operational excellence while also expanding our global breadth and technical capabilities,” says Michael Richardson, board executive director and president of Nexteer. “We remain focused on improving operational efficiency and growing an increasingly diversified customer base.”