(Sharecast News) - Specialist technology group Avon Rubber has been awarded a four-year, dual-source framework contract to supply the US Army with its next-generation Vital Torso Protection X-Side Ballistic Insert body armour plates.
Under the terms of the agreement, Avon Protection will compete for each order of the $265m contract, with delivery of initial orders expected to take place in the 2021 financial year following receipt of product approvals.
Together with the AIM-listed group's existing $704m deal to supply the US Army with Enhanced Small Arms Protective Insert and X-Small Arms Protective Insert body armour plates, Avon said the new contract reflected its "leading" market position and underpinned its expected medium-term revenues.
Chief executive Paul McDonald said: "This is another significant, multi-year contract for Avon Protection and demonstrates our position as a leading provider of next-generation body armour to the US armed forces.
"This further strengthens the medium-term outlook and visibility for Avon Protection and represents encouraging momentum in our newly acquired ballistic protection business."
As of 1105 GMT, Avon shares were up 0.92% at 2,755p.
Avon Protection (AVON)28 May 2024 09:36
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