Last checked at 3 Mar 2014 07:00
3 March 2014
Hardide plc ("Hardide" or the "Company")
Major Supply Agreement with General Electric
Hardide plc (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce that it has entered into a Strategic Supply Agreement (the "Agreement") with the General Electric Company Inc. ("GE").
The agreement is for the supply of coating to a single component currently used by GE resulting in guaranteed turnover volume to the Company of c. $1.3million over the 2 years to February 2016. The Agreement is extendable up to five years. Development and testing work is also well-advanced on additional components which, if successful will be included to the Agreement and which would result 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.
The Agreement is effective from 1st March 2014 and helps to underpin the Board's current year forecasts.
Philip Kirkham, CEO of Hardide plc said:
"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."
For further information:
Hardide plc |
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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 |
Tel: +44 (0)20 7220 0500 www.finncap.com/ | |
Newgate Threadneedle Graham Herring / Heather Armstrong |
Tel: +44 207 653 9850 www.newgatethreadneedle.com | |
Notes to editors:
Hardide Coatings develops, manufactures and applies nano-structured tungsten-carbide coatings to a wide range of engineering components. The Group's patented technology is unique in combining a mix of abrasion, erosion and corrosion resistant properties in one material and its ability to coat interior surfaces and complex shapes uniformly. When applied to metal components in aggressive environments, the material is proven to offer dramatic improvements in component life resulting 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.