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Velocity Composites signs three-year contract with major aerostructures manufacturer
StockMarketWire.com
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Supplier of advanced composite kitting solutions Velocity Composites has signed a new three-year contract with a major Tier 1 aerostructures manufacturer based in Hampshire.
The contract includes both an extension in the term of an existing five-year agreement entered in August 2016 and the award of new business covering the remaining additional programmes in production at the customers site, starting immediately.
The Contract term, applying retroactively, is valid from 1 March 2021 until 31 August 2024.
Services provided by Velocity to the customer under the contract have an expected annual value of £4.1m, including the awarded £1.4m of new business on the A350, A400M and Eurofighter Typhoon aircraft platforms.
Jon Bridges, CEO, said: Execution of this contract extension and new business award with the customer is an important milestone for Velocity, with our key customer reaffirming and strengthening our relationship.
Together we have been successful in leveraging our material efficiency technologies and excellent service history to provide the Customer with a more competitive and compelling offering, enabling a full offload of composite management and kitting services from the Customer to our Fareham facility. He added.
Story provided by StockMarketWire.com
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