Allegro MicroSystems Secures Contract From BMW For Undisclosed Sum

(RTTNews) - Allegro MicroSystems, Inc. (ALGM), a semiconductor technology company, announced on Tuesday that it has secured a contract from German automobile major BMW Group (BAMXF.PK) as the sole supplier of Current Sensor integrated circuits or ICs for the company's traction inverter systems.

The financial details of the contract have not been divulged.

Under the terms of the contract, the company will supply ICs that will be used across the company's entire fleet of Battery Electric Vehicles.

In pre-market activity, Allegro shares are trading at $30.10 up 0.20% on Nasdaq and BMW shares are trading at 97.71 euros down 0.94% on the Xetra exchange