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BREED Announces New Business Awards

26 February 1999

BREED Announces New Business Awards

    LAKELAND, Fla.--Feb. 26, 1999--BREED Technologies, Inc. a world leading automotive occupant restraints supplier, announced today that the company has been awarded more than $618 million in new and continuing business, during the first half of its 1999 fiscal year (July 1, 1998), for automobile programs extending out to the year 2009. Overall, BREED was allocated approximately $1.35 billion in new and carry-over business awards during fiscal year 1998.
    The company is experiencing significant growth in side airbag sales, which is an area industry experts predict will continue to proliferate. BREED currently supplies both head and head/thorax side impact modules to leading automobile manufacturers, and its new curtain airbag system will be featured on European vehicles in model year 2000 and in the US in 2003. The company is also gaining new business across all its major product lines, including driver, passenger and side airbags (66%), seat belts (13%), steering systems (13%) and sensors (8%).
    The new business awards included 81% for new and 19% for carryover business. Seventy-seven percent of the awarded business allocated this fiscal year is for North American automakers, while European business comprises twelve percent and Asia eleven percent.
    "The automotive industry has responded with enthusiasm for BREED's new role in the marketplace. Our customers' decision to source us for programs extending out into the year 2009 reflects a sense of confidence in our position as one of the word's leading suppliers of automotive occupant safety systems," stated Chairman & Chief Executive Officer Johnnie Cordell Breed. "We are moving aggressively forward with the introduction of technological advancements through our joint venture with Siemens AG - BSRS Restraint Systems - that will significantly impact the safety industry. "
    Headquartered in Lakeland, Fla., BREED is one of the world's most fully integrated suppliers of complete automotive occupant safety systems. The company supports its growing list of automotive customers with advanced engineering, testing and manufacturing facilities located in 13 countries around the globe.