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Surface Transforms PLC - Liverpool-based carbonceramic automotive brake disc manufacturer - Announces selection as tier one sole supplier of its brake discs to an existing mainstream customer named as OEM 10, ‘one of the world’s largest automotive [original equipment manufacturers]’. Company’s discs will be used in a range of new electric vehicles, with production expected to start in 2027. Expects lifetime revenue on this range to exceed £100 million. Deal increases the value of its awarded lifetime contracts to over £390 million. It will require capacity beyond its current factory footprint and phase 2 capacity investment programme, but Surface Transforms has ‘sufficient time to implement the third phase...to provide £150 million per year of total sales capacity.’ Chief Executive Officer Kevin Johnson says: ‘This success further illustrates the advanced technical capabilities of our products...Our healthy prospective contract pipeline is mainly made up of existing customer programmes and is expected to continue to fuel our growth and capacity expansion plans into the future.’ Current stock price: 28.00 pence, up 13% in London on Monday 12-month change: down 32% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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