Growing sales and manufacturing expansion saw Nexteer announce record sales and profits for 2016.

with Revenue increasing by 14%, Gross Profit increasing by 21%, and Net Profit increasing by 44% when compared with 2015. Nexteer's Business Backlog of U.S.$25.6 billion at the end of 2016 remained strong securing future revenue growth.

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Operating profit for calendar 2016 rose 21% year on year to US$662m and net profit surged 44% to $295m on revenue up 14% to $3.842bn.

"Nexteer's 2016 results highlight continued focus on delivering long-term profitable growth," the steering specilaist supplier said in a statement.

Last year it launched 33 new supply deals, opened two new factories in Asia Pacific and one in South America "in direct response to market opportunities and new customer programme awards".

It also set up a new technical centre in Poland and expanded a centre in China. Nexteer also opened a new world headquarters in Auburn Hills, Michigan.

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"Robust industry production, improved markets in North America, China and Europe, and the benefit from new customer programme launches led to increased volume, which advanced Nexteer's strong financial position," the supplier said.

"The business backlog remains strong at $25.6bn at the end of 2016."

President Michael Richardson said: "With an expanding product portfolio, competitive global footprint and significant customer programme launches, we have demonstrated robust growth in both top line and earnings."

See also: Nexteer Automotive on steer-by-wire and the EPS market; Global light vehicle steering market – forecasts to 2031

Find analysis of Nexteer, steering systems and other key suppliers and sectors in just-auto's research database QUBE