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Strattec Announces Strategic Alliance With German Automotive Supplier

19 October 1999

Strattec Security Corporation Announces Strategic Alliance With German Automotive Supplier

    MILWAUKEE, Oct. 19 -- Strattec Security Corporation
announced today it has signed a Memorandum of Understanding
with E. Witte Verwaltungsgesellschaft MBH, and its operating unit,
Witte-Velbert GmbH & Co. KG, which details their intent to form a strategic
alliance and joint venture.
    Witte, of Velbert, Germany, is a privately held, QS 9000 and VDA 6.1
certified automotive supplier with sales of over DM300 million in their last
fiscal year.  The company designs, manufactures and markets components
including locks and keys, hood latches, rear compartment latches, seat back
latches, door handles and specialty fasteners.  Their primary market for these
products has been Europe.  Their product line compliments the mechanical and
electro-mechanical locks, keys and related products produced by STRATTEC.
STRATTEC's primary market is North America.
    The proposed Witte-STRATTEC Alliance provides for the manufacture,
distribution and sale of Witte products by STRATTEC in North America, and the
manufacture, distribution and sale of STRATTEC products by Witte in Europe.
Additionally, a joint venture company in which each company holds a 50%
interest will immediately be established to seek opportunities to manufacture
and sell both companies' products in other areas of the world.
    The Alliance and JV activities will be supported by joint marketing which
will allow the two companies to serve their existing and potential customers
on a global basis.  Currently, STRATTEC is a supplier to General Motors, Ford,
DaimlerChrysler, Mitsubishi and the North American heavy truck manufacturers
as well as Delphi and other Tier I automotive suppliers.  Witte is a supplier
to Volkswagen, Audi, BMW, DaimlerChrysler, Opel, Volvo and Ford, as well as
European Tier I suppliers.  The two companies will also pursue joint product
development, which will provide future products to be manufactured and sold by
both companies and the JV.
    Mike Elliott, STRATTEC's Vice President of Global Market Development
commented, "STRATTEC and Witte have formed an excellent working relationship
over the past 18 months.  Significant similarities and synergies exist between
our two companies, which makes this relationship an excellent match."  Harry
Stratton, STRATTEC's Chairman & CEO said, "Strategically, this alliance
provides a means for both Witte and STRATTEC to address head on the key issues
of globalization and technology in automotive security.  Combining our
resources to take advantage of the opportunities inherent in these issues and
leveraging our respective product development activities will have a positive
impact on our future."
    Three customer programs have already been initiated under the terms of the
Memorandum of Understanding, one of which STRATTEC expects will result in
product shipments before the end of its current fiscal year in June, 2000.
The companies anticipate completing the necessary legal agreements to
formalize their relationship by the end of this calendar year.
    STRATTEC SECURITY CORPORATION designs, develops, manufactures and markets
mechanical locks, electro-mechanical locks and related security products for
North American and select European automotive manufacturers.
    Forward looking statements in this release are subject to many
uncertainties in the Company's operations and business environment.  These
uncertainties include general economic conditions, in particular, relating to
the automotive industry, consumer demand for the Company's and its customers
products, competitive and technological developments, foreign currency
fluctuations, Year 2000 compliance issues and costs of operations.
Shareholders, potential investors and other readers are urged to consider
these factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements.  The
forward-looking statements made herein are only made as of the date of this
press release and the company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.  In
addition, such uncertainties and other operational matters are discussed
further in the Company's quarterly and annual filings with the Securities and
Exchange Commission.