Last checked at 23 Mar 2015 07:00
23 March 2015
AIM: HDD
Hardide plc
("Hardide" or the "Company")
Agreement Extension with
General Electric
Hardide plc (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce that General Electric Company Inc. ("GE") has agreed a one year extension to February 2017 of its existing two year Supply Agreement (the "Agreement"). This will provide an additional $0.7 million of guaranteed sales to the Company over the term of the contract.
The Agreement, originally signed for a two year term effective from March 2014, will now guarantee total sales of $2.0 million over its three year term to February 2017 and remains extendable up to five years.
Hardide is applying coatings to components used by GE and this extension of the Agreement reflects the close relationship that has been established with GE since the start of the supply agreement.
Philip Kirkham, Chief Executive Officer, commented:
"The fact that GE has chosen to extend its initial two year supply agreement with Hardide by another year, with the option of further extensions, reflects the significant benefits that our coating technology brings to GE. We look forward to continuing to develop our relationship."
For further information:
Hardide plc | |||
Philip Kirkham, Chief Executive Officer Jackie Robinson, Communications Manager | Tel: +44 1869 353 830 jrobinson@hardide.com www.hardide.com | ||
finnCap Stuart Andrews / Grant Bergman/James Thompson |
Tel: +44 (0)20 7220 0500 www.finncap.com/ | ||
Newgate Adam Lloyd / Helena Bogle |
Tel: +44 207 653 9850 www.newgatecomms.com | ||
Notes to editors:
Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining in one material a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, nuclear, advanced engineering and aerospace industries.