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LONDON (Alliance News) - Hardide PLC saw its shares jump early Monday after it said it had won a major deal to supply a coating for a single component currently used by General Electric Company Inc., and could win further business under the deal if development and testing work is successful.
In a statement, the surface coating technology company said the deal provides a guaranteed revenue of about USD1.3 million over the next two years. The contract can also be extended by up to five years.
"Development and testing work is also well-advanced on additional components which, if successful will be included to the agreement and which would result in further minimum annual volumes. If successful, the board would expect the supply of these additional components to GE to significantly increase the overall value of the agreement," Hardide said in a statement.
Hardide shares were up 15.8% at 1.65 pence early Monday, the third-biggest rise on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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