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LONDON (Alliance News) - Transense Technologies PLC on Monday said it has signed a licensing agreement with US conglomerate General Electric Co and said trading in the first half met its expectations.
Transense, which makes sensor systems for the transport and industrial markets, said GE has agreed to licence its Surface Acoustic Wave technology for certain torque applications.
GE will pay USD500,000 to Transense on signing of the deal, plus another USD250,000 dependent on the technology passing various tests GE will conduct. GE will then pay Transense royalties on each unit which uses the technology.
The GE deal was announced as Transense said trading in the half to the end of June was in line with its expectations.
It said revenue growth in its Translogik unit has continued to be held back by weakness in its mining end market, but it has seen an upturn in sales of tyre probe products so far in the second half of 2016.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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