Strattec Security makes security and access components for automotive OEMs, primarily GM, Ford, and Stellantis. Strattec's two core product lines are security and authorization products (mechanical locks and keys, key fobs, passive entry/start systems, and digital key solutions) and vehicle access systems (power sliding doors, tailgates, and liftgates). Strattec designs its products in partnership with OEM engineering teams years before a vehicle launches, then supplies those products for the life of the platform — typically five to seven years. About 90% of sales go directly to OEMs or Tier 1 suppliers, with the remainder through aftermarket channels. Nearly all revenue is tied to North American vehicle production. Strattec manufactures primarily in Mexico (Juarez and Leon), which means margins benefit from a stronger U.S. dollar but face headwinds from mandated annual peso minimum wage increases. Roughly 65% of products are assembled in Mexico and shipped to the U.S., making tariff policy a meaningful cost variable. Strattec has meaningful operating leverage, with incremental/decremental margins estimated at 25–30%. Legacy mechanical keys are in secular decline, while power access products and digital key are the growth priorities. Under CEO Jennifer Slater, who joined in mid-2024, Strattec cut headcount by 15%, restructured operations, and is pursuing customer diversification beyond the Detroit Three — particularly for power access products — with new wins expected to impact revenue around model years 2029–2030. Strattec ended FY25 with $84.6M in cash and no significant debt.