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172.50 -2.50 (-1.43%)

Bid:

170.00

Ask:

175.00

Spread: 5.00 (2.941%)

Market Cap: £97.86m

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Solid State Unit Secures USD3 Million US Rail Infrastructure Contract

Tue, 01st Oct 2019 17:41

(Alliance News) - Computing and power products manufacturer Solid State PLC on Monday said it secured a USD3 million rail infrastructure contract in the US.

The company said the contract was won by its medical optoelectronics unit Pacer Technologies, which it acquired for GBP3.7 million in November 2018.

Chief Executive Gary Marsh said: "This contract is a good example of the success of our acquisition strategy in broadening our international and sector reach. We have focussed on niche sectors where we can apply our value added engineering capability and where we can sell into increasingly international markets.

"The transportation sector has been a specific target and therefore this success is particularly pleasing."

Shares in Solid State closed 2.0% higher at 505.00 pence each in London on Tuesday.

By Eric Cunha; ericcunha@alliancenews.com