Extreme brake maker appoints former Bosch executive as new boss
Tech
A former Bosch senior vice president will join a company that makes heavy-duty brakes this month as its new CEO.
Advanced Braking Technology (ASX:ABV) makes brakes for extreme conditions such as construction sites, forestry and surface mines.
Incoming chief Peter Hildebrandt rose through the ranks at Robert Bosch over a decade and a half, eventually becoming senior vice president of the company’s Project Asia division focused on car multimedia.
Since then he’s also tried his hand at a few technology startups, including one that specialised in industrial wearable “Internet of Things” products.
That mix of experience could make him the right person to help Advanced Braking Technology get off the ground after a few false starts — and a share price below 1c.
The company’s new Terra Dura brake was designed with “a unique polymer housing technology that significantly extends the life of automotive brakes — keeping abrasive materials and water out”, said chairman Bruce Grey.
“Peter recognises that in the current global commodities cycle where cost efficiencies are paramount, the Terra Durra is an extremely compelling investment proposition.”
Mr Hildebrandt is due to start on August 28.
The company’s last CEO Graeme Sumner resigned in July after the board decided to search for someone with a different set of skills to grow the business.
The first Australian order for Terra Dura brakes was shipped to an open cut mine in Latrobe Valley in Victoria earlier this month, to be installed on Landcruiser vehicles at the site.
ABV shares are currently trading at 0.6c, valuing the company at $13.2 million. The company could need to raise capital shortly, with its expected quarterly costs outstripping its cash on hand.
The company spent $706,000 in the quarter to June, leaving it with $1.7 million in cash. It expects to spend $3.2 million in the current quarter, which will be offset by customer receipts.