Porsche assigns HTI

Automotive industry supplier High Tech Industries AG (HTI) has been contracted to produce interior parts for the production of a Porsche model.The Upper Austria firm, which is based in St. Marien bei Neuhofen, announced today (Mon) that it has agreed with the German car maker to withhold the value of the order.HTI added its plant in Fohnsdorf, Styria, will carry out the production and delivery of the requested parts for Porsche’s sport utility vehicle (SUV) Cayenne.HTI had earnings before interest, taxes, depreciation and amortisation (Ebitda) of 11.4 million Euros in the first nine months of 2010 after having suffered a loss of 11.3 million Euros in the same period of the previous year. Its earnings before interest and taxes (Ebit) were 3.3 million Euros after losses of 21.4 million Euros.HTI is headed by Peter Glatzmeier and listed on the Vienna Stock Exchange’s (WBAG) mid market. One share is currently traded for around 1.09 Euros.The company said last month it was convinced about increasing its annual turnover from 178 million Euros in 2009 to around 200 million Euros this year.