Hardide soars on new partnership agreement

Shares in surface coating technology provider Hardide rose almost a third on Monday after it entered into a strategic supply agreement with the General Electric Company (GE). The agreement is for the supply of coating to a single component currently used by GE, which will result in guaranteed turnover volume to Hardide of around $1.3m over the two years to February 2016. The agreement is extendable up to five years. Hardide said the development and testing work was "well-advanced on additional components" which, if successful would be included to the agreement, resulting 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. Chief Executive Philip Kirkham added: "This is an exciting development that firmly embeds the Hardide coating technology in one of the world's most respected advanced engineering companies. "An excellent working relationship has built up with GE over the last 18 months and we continue to work closely together on other projects, including opportunities for the Hardide technology in various other divisions of GE which the company hopes to capitalise on." The agreement is effective from March 1st 2014. The share price climbed 29.82% to 1.85p by 14:17 following the announcement. NR Hardide