Business
New Business Award for European Manufacturer
New Business Award for European Manufacturer.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n \nRNS Number : 4777R Velocity Composites PLC 15 June 2018 \n\n15 June 2018\nVELOCITY COMPOSITES plc\n(\"Velocity\" or the \"Company\")\n \nNew Business Award for European Engine Manufacturer\n \n \nVelocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is pleased to announce that it has been notified of an award to supply its composite material kits to a new customer based in continental Europe. The customer is a Tier 1 manufacturer of component parts for the Leading Edge Aviation Propulsion (\"LEAP\") engines used on the latest generation of single aisle aircraft including the Airbus A320 NEO and Boeing 737 Max platforms.\n \nFollowing receipt of this award manufacturing will now commence, with the finalisation of the Long Term Agreement between the parties, to be concluded shortly, which will run through to December 2020. It is envisaged that work on LEAP engines under this agreement could contribute up to $6m to Velocity's revenues over this period.\n \nJon Bridges, Chief Executive Officer of Velocity said:\n \n\"This new business award on the largest and fastest growing engine programme in the world is a significant win in its own right. In addition, with the work being based in continental Europe this further enhances Velocity's growth into this territory, and will be a contributing programme for a new manufacturing site for Velocity in mainland Europe in due course. Whilst the Company determines the right time and location for this site to be established, the composite material kits will be supplied from Velocity's UK sites.\"\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 \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 / Kate Bannatyne (Corporate Finance)\nTim Redfern (ECM)\n\n\n \nTel: 020 7220 0500\n\n\n\n\n \nCama...