Business
New Framework Agreement
New Framework Agreement.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n \n \n RNS Number : 1852S\n Velocity Composites PLC\n 07 July 2020\n \n \n \n \n 7 July 2020\n \n \n VELOCITY COMPOSITES PLC\n \n \n (\"Velocity\" or the \"Group\")\n \n \n AIM: VEL.L\n \n \n \n \n \n New Framework Agreement\n \n \n \n \n \n Velocity, the leading supplier of advanced composite material kits to the aerospace sector, is pleased to announce that it has signed a new framework agreement (the \"Framework Agreement\") with an existing customer, a leading UK prime contractor in the Defence sector (the \"Customer\").\n \n \n \n \n \n The Framework Agreement sets out the top-level terms and conditions, which underpin the Group's existing work packages with the Customer, and, importantly, enables additional work packages to be placed. The Company has been operating within the terms of the Framework Agreement since 1 March 2020 and remains in place through to 31 December 2022 with options to extend for two further 12-month periods. \n \n \n \n \n \n \n Jon Bridges, Chief Executive Officer of Velocity, said:\n \n \n \n \n \n \n \n \"This is great news for Velocity. \n The Group is actively developing its Defence sector business, which \n has not experienced the same headwinds as those being weathered in civil aviation, \n and this new agreement creates the opportunity \n to increase sales to this important and influential customer. \n \n \n \n \n \n \"We have a long-standing and very positive relationship with the Customer founded on our ability to deliver innovative technologies and excellent service levels, which help meet strict programme production requirements. We look forward to working with them over the next two years and continuing to demonstrate the benefits and advantages of our product solutions for both existing and new aircraft platforms.\"\n \n \n \n \n \n Enquiries:\n \n \n \n \n \n \n \n \n \n Velocity\n \n \n Jon Bridges, Chief Executive Officer\n \n \n Andy Beaden, Chairman \n \n \n \n \n \n \n \n \n \n \n +44 (0) 1282 577577\n \n \n \n \n \n \n \n \n \n \n Cenkos \n \n (Nominated Adviser and Broker)\n \n \n Russell Cook\n \n \n Ben Jeynes \n \n \n \n \n \n \n \n \n \n \n +44 (0)20 7397 8900\n \n \n +44 (0)20 7397 1977\n \n \n +44 (0)20 7397 1974\n \n \n \n \n \n \n \n Belvedere Communications\n \n...