Kongsberg Automotive

Kongsberg Automotive wins contract worth EUR 42.5 million in estimated lifetime revenue

Kongsberg Automotive's Powertrain and Chassis (P&C) business segment has secured

a contract worth EUR 42.5 million in estimated lifetime revenue and average

annual revenue of EUR 6.1 million.

KA's P&C business unit was awarded this seven-year contract for rear seat

foldable head restraint mechanisms by a European auto manufacturer that produces

passenger cars globally. These head restraints will be installed in a variety of

seats manufactured by Tier 1 seat suppliers located in Europe and China.

The delivery under this contract begins in June 2022 with development and start

of production slated for 2024. KA's Mullsjö, Sweden and Wuxi, China production

locations will produce and supply the product.

"This contract, awarded by a global OEM that places a high priority on

automotive safety, positions KA for continued growth in this important safety

segment," says Bob Riedford, President of P&C, adding, "We are proud that the

market recognizes KA's foldable head restraint mechanism technology and

continues to reward us with growth opportunities."

About Kongsberg Automotive ASA

Kongsberg Automotive provides cutting-edge technology to the global vehicle

industry. We drive the global transition to sustainable mobility by putting

engineering, sustainability, and innovation into practice. Our product portfolio

includes driver and motion control systems, fluid assemblies, and industrial

driver interface products. Find more information

at: kongsbergautomotive.com (https://www.kongsbergautomotive.com/)

Media contact:

Therese Sjoborg Skurdal

+47 982 14 059

Investor relations contact:

Jakob Bronebakk

+47 906 39 637

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