Last checked at 21 Aug 2019 07:00
21 August 2019
Hardide plc
("Hardide" or "the Group" or "the Company")
Hardide orders three new coating reactors to increase production capacity
Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to announce that it has now ordered three new coating reactors. These will increase capacity and capability at the Company's coating facilities in the UK and USA in line with the Company's previously described strategy.
Two of these reactors will be installed in the new 20,000ft2 Bicester premises as part of the Company's move which includes relocating its existing three reactors. The third new reactor will be installed in Martinsville, Virginia in Spring 2020, taking the number of reactors there to four. The Group will have nine reactors once these new ones have been installed, which will provide a significant increase in production capacity in anticipation of increased demand. The investment has been funded by the proceeds of the Company's previous fundraisings.
One of the additional reactors in Bicester will be larger and have greater capability than the existing reactors. This is to allow for the coating of larger components than is currently possible, including steam turbine blades.
The Company is making good progress with its planning for transitioning to the new Bicester site. The new facility will double the floor space currently available. As a newly built unit, it will enable operational efficiencies and a much-improved layout. The move to the new site is expected to be complete by September 2020.
Philip Kirkham, CEO of Hardide plc said: "Placing the orders for these new reactors is a signal of the confidence that the Directors have in the prospects for future business growth in the UK and North America. We have several exciting test programmes underway and are looking forward to the migration to our new and expanded UK facility."
Enquiries: | |
Hardide plc Philip Kirkham, CEO Jackie Robinson, Communications Manager |
Tel: +44 (0) 1869 353 830 |
IFC Advisory Graham Herring / Heather Armstrong / Florence Chandler | Tel: +44 (0) 2039 346 630 |
finnCap Henrik Persson / Kate Bannatyne / Matthew Radley | Tel: +44 (0) 2072 200 500 |
Notes to editors:
www.hardide.com
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, precision engineering and aerospace industries.