Business
Long Term Agreement Extension Signed
Long Term Agreement Extension Signed.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n \nRNS Number : 6795S Velocity Composites PLC 27 June 2018 \n\n27 June 2018\n \nVELOCITY COMPOSITES plc\n(\"Velocity\" or the \"Company\")\n \nLong Term Agreement Extension Signed\n \nVelocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is delighted to announce that it has secured an extension to a Long Term Agreement (the \"Agreement\") with an existing UK customer (the \"Customer\") who supplies OEMs and Tier 1 aircraft manufacturers.\n \nThis extension adds a further 12 months to the existing Agreement taking the contract term through to the end of December 2019 and secures existing business with an annualised value in the region of £10M. The aircraft platforms concerned are the Airbus A320, A330, and A380 and other regional business jets which are all strategically important platforms.\n \nThe extension comes after Velocity has been providing a full clean-room service for several years and supports the Customer in managing changes in programmes across their portfolio. During this extended period, Velocity and the Customer will enter into discussions over a new Long Term Agreement, subject to commercial competitiveness.\n \nJon Bridges, Chief Executive Officer of Velocity commented:\n\"This is a significant Agreement with an important Customer for whom we have provided a full clean-room service for many years. Both parties cooperate closely and work together to remove inherent waste from the composites supply chain and provide materials in a lean and efficient way. We look forward to working with the Customer through the changes in programme volumes, and progressing our discussions regarding a new Long Term Agreement during 2019.\"\n \nThe information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via regulatory news service this inside information is now considered to be in the public domain. \n \nEnds\n\nCONTACT DETAILS:\n\n\n\nVelocity \nJon Bridges, CEO\nAlan Kershaw, CFO\n\n\nc/o Camarco\nTel: 020 3757 4980\n\n\n\n\n \nfinnCap (Nominated Adviser and Broker)\nAdrian Hargrave / Scott Mathieson / Hannah Boros (Corporate...