Last checked at 11 May 2015 07:00
11 May 2015
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Stainless Metalcraft secures nuclear storage equipment contract
Avingtrans (AIM:AVG), which designs, manufactures and supplies critical components, modules and associated services to the aerospace, energy and medical sectors is pleased to announce that Stainless Metalcraft (Metalcraft), part of the Group's Energy and Medical division, has secured a contract with Sellafield Ltd, potentially worth £47 million in revenue to Metalcraft, over 10 years.
Metalcraft is one of two named bidders that will share equally in the full contract to provide waste storage containers for Sellafield Ltd.
Phase one of the project, with a duration of two to three years, is worth between £5m and £8m and covers the set-up and development of a production facility for nuclear waste storage containers. During the potential second phase of the contract, the facility will produce over one thousand of these 3m3 ("three-meter-cubed") storage containers, which will be constructed over years 3 to 10.
Austen Adams, managing director of Stainless Metalcraft and Avingtrans Plc's Energy and Medical division, said: "This is a landmark contract for Metalcraft and we're genuinely excited by the potential it offers. The company already has a strong track record in the nuclear sector and this contract will see the creation of a world-class, dedicated facility for the manufacture of ILW (Intermediate Level Waste) containers.
"Since joining the Civil Nuclear Sharing in Growth programme just over 12 months ago, the team has invested a huge amount of time and effort to develop their understanding of the decommissioning process - honing the skills and processes required - and this contract is just reward for all their hard work."
Steve McQuillan, Chief Executive Officer of Avingtrans Plc, added: "The Board is delighted that Metalcraft has secured such a prestigious contract. It is a testament to the expertise and hard work of the Metalcraft team and also vindicates the Board's decision to move the Energy and Medical business into new markets. Metalcraft is a leading player in its markets and contracts such as this underline our status as a world class business."
Avingtrans plc Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
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Numis David Poutney (Corporate Broking Richard Thomas (Corporate Finance and Nominated Adviser)
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Newgate (Financial PR) Adam Lloyd Lois Engstrand | Tel: 020 7653 9850
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About Avingtrans
Avingtrans plc is engaged in the provision of highly engineered components, modules and services to the Aerospace, Energy and Medical markets worldwide.
The business is made up of two divisions
Aerospace, engaged in the manufacture of rigid pipe assemblies, fabrications and prismatic components - both metallic and composite - for the global aerospace market and precision polishing of aircraft components and;
Energy and medical, engaged in the design and manufacture of machined and fabricated pressure and vacuum vessels and process plant and equipment for the power, oil & gas and medical markets. Plus, design and manufacture of fabricated poles and cabinets for roadside safety cameras and rail track signalling