UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                              (Amendment No. 1 ) *


                          Strattec Security Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)


                          Common Stock, par value $0.01
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    863111100
                      ------------------------------------
                                 (CUSIP Number)


                                December 31, 2008
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [ ] Rule 13d-1(b)

     [X] Rule 13d-1(c)

     [ ] Rule 13d-1(d)


* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the ACT
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    Ryan Heslop
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    United States
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           301,908
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      301,908
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    301,908
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    9.2%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    IN
--------------------------------------------------------------------------------

                               Page 2 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    Ariel Warszawski
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    United States
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           301,908
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      301,908
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    301,908
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    9.2%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    IN
--------------------------------------------------------------------------------

                               Page 3 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    Firefly Value Partners, LP
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    Delaware
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           301,908
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      301,908
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    301,908
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    9.2%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    PN
--------------------------------------------------------------------------------

                               Page 4 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    FVP GP, LLC
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    Delaware
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           301,908
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      301,908
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    301,908
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    9.2%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    OO
--------------------------------------------------------------------------------

                               Page 5 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    Firefly Management Company GP, LLC
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    Delaware
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           301,908
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      301,908
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    301,908
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    9.2%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    OO
--------------------------------------------------------------------------------

                               Page 6 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    FVP Master Fund, L.P.
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    Cayman Islands
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           160,758
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      160,758
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    160,758
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    4.9%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    PN
--------------------------------------------------------------------------------

                               Page 7 of 11 pages


CUSIP No. 863111100
--------------------------------------------------------------------------------
1.   Names of Reporting Persons.    FVP US-Q, LP
     I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [ ]
     (b) [X]
--------------------------------------------------------------------------------
3.   SEC Use Only
--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization    Delaware
--------------------------------------------------------------------------------
Number of              5.  Sole Voting Power             0
Shares Bene-           ---------------------------------------------------------
ficially owned         6.  Shared Voting Power           141,150
by Each                ---------------------------------------------------------
Reporting              7.  Sole Dispositive Power        0
Person With:           ---------------------------------------------------------
                       8.  Shared Dispositive Power      141,150
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person    141,150
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions) [ ]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9)    4.3%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)    PN
--------------------------------------------------------------------------------

                               Page 8 of 11 pages


Item 1.
(a)      The name of the issuer is Strattec Security Corporation (the "Issuer").

(b)      The principal executive office of the Issuer is located at 3333 West
         Good Hope Road, Milwaukee, WI 53209.

Item 2.
(a)      This statement (this "Statement") is being filed by: (i) FVP Master
         Fund, L.P., a Cayman Islands exempted limited partnership ("FVP Master
         Fund"), (ii) FVP US-Q, LP, a Delaware limited partnership ("FVP Fund"
         and, together with the FVP Master Fund, "Funds"), (iii) Firefly Value
         Partners, LP, a Delaware limited partnership ("Firefly Partners"),
         which serves as the investment manager of the Funds, (iv) FVP GP, LLC,
         a Delaware limited liability company ("FVP GP"), which serves as the
         general partner of the Funds, (v) Firefly Management Company GP, LLC, a
         Delaware limited liability company ("Firefly Management"), which serves
         as the general partner of Firefly Partners, and (vi) Messrs. Ryan
         Heslop and Ariel Warszawski, the managing members of FVP GP and Firefly
         Management (all of the foregoing, collectively, "Reporting Persons").
         The Funds are private investment vehicles formed for the purpose of
         investing and trading in a wide variety of securities and financial
         instruments. The Funds directly own all of the shares reported in this
         Statement. Messrs. Heslop and Warszawaki, Firefly Partners, Firefly
         Management and FVP GP may be deemed to share with the Funds voting and
         dispositive power with respect to such shares. Each Reporting Person
         disclaims beneficial ownership with respect to any shares other than
         those owned directly by such Reporting Person.

(b)      The Principal Business Office of the FVP Master Fund is:

         c/o dms Corporate Services, Ltd.
         P.O. Box 1344
         dms House
         20 Genesis Close
         Grand Cayman, KY1-1108
         Cayman Islands

         The Principal Business Office of Messrs. Heslop and Warszawski, Firefly
         Partners, FVP GP, Firefly Management and the FVP Fund is:

         551 Fifth Ave., 36th Floor, New York, NY 10176

(c)      For citizenship information see item 4 of the cover sheet of each
         Reporting Person.

(d)      This Statement relates to the Common Stock of the Issuer.

(e)      The CUSIP Number of the Common Stock of the Issuer is 863111100.

Item 3.  If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b) or
         (c), check whether the person filing is a:
(a) [ ]  Broker or dealer registered under section 15 of the Act (15 U.S.C.
         78o).
(b) [ ]  Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ]  Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
         78c).
(d) [ ]  Investment company registered under section 8 of the Investment Company
         Act of 1940 (15 U.S.C. 80a-8).
(e) [ ]  An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ]  An employee benefit plan or endowment fund in accordance with
         240.13d-1(b)(1)(ii)(F);
(g) [ ]  A parent holding company or control person in accordance with
         240.13d-1(b)(1)(ii)(G);
(h) [ ]  A savings associations as defined in Section 3(b) of the Federal
         Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ]  A church plan that is excluded from the definition of an investment
         company under section 3(c)(14) of the Investment Company Act of 1940
         (15 U.S.C. 80a-3);
(j) [ ]  Group, in accordance with 240.13d-1(b)(1)(ii)(J);

                               Page 9 of 11 pages


Item 4.  Ownership.
See Items 5-9 and 11 on the cover page for each Reporting Person, and Item 2.
The percentage ownership of each Reporting Person is based on 3,270,480 shares
of Common Stock outstanding as of September 28, 2008, as reported on the
Issuer's quarterly report on Form 10-Q filed on November 7, 2008 for the
quarterly period ended September 28, 2008.

Item 5.  Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].

Item 6.  Ownership of More than Five Percent on Behalf of Another Person.

         Not applicable.

Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company.

         Not applicable.

Item 8.  Identification and Classification of Members of the Group

         Not applicable.

Item 9.  Notice of Dissolution of Group

         Not applicable.

Item 10. Certification

(a)      Not applicable.

(b)      By signing below I certify that, to the best of my knowledge and
         belief, the securities referred to above were not acquired and are not
         held for the purpose of or with the effect of changing or influencing
         the control of the issuer of the securities and were not acquired and
         are not held in connection with or as a participant in any transaction
         having that purpose or effect.


                               Page 10 of 11 pages


                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.

Dated: February 5, 2009

/s/ Ryan Heslop
-----------------------
Ryan Heslop


Ariel Warszawski
Firefly Value Partners, LP
FVP GP, LLC
Firefly Management Company GP, LLC
FVP Master Fund, L.P.
FVP US-Q, LP

By: /s/ Ariel Warszawski
    ----------------------------------
    Ariel Warszawski, for himself and
    as Managing Member of FVP GP (for
    itself and as general partner of
    each of the Funds) and Firefly
    Management (for itself and as
    general partner of Firefly
    Partners)


                               Page 11 of 11 pages