Last checked at 2 Aug 2010 07:00
Major Orders for UK Naval Projects
Pressure Technologies ("PT") is pleased to announce that, following confirmation of continued funding from the Government for UK Naval projects, Chesterfield Special Cylinders ("CSC"), has won orders from BAE Systems for the supply of high pressure air cylinders for the fifth Astute Class submarine currently being built at Barrow-in-Furness and the two new aircraft carriers, Queen Elizabeth and Prince Charles, the first of which is now being built at Rosyth on the river Forth.
The contracts, which are worth over £2 million in total, are for the supply of forged steel high pressure cylinders and will be used for the storage of ballast air, breathing systems and emergency back up systems in the submarine and bulk storage of breathing air on the aircraft carriers. The cylinders will be supplied during 2011.
CSC, which is based in Sheffield, has a 90 year history of supplying the Royal Navy with its marine air storage requirements and has, more recently, also won major contracts for the French and Spanish navies.
John Hayward, Chief Executive of PT, said: "Winning these orders confirms Chesterfield Special Cylinders' position as the market leader in terms of cylinder innovation, design and manufacture for the European naval market and, importantly, provides a firm platform from which to gain more business globally."
For further information, please contact:
| Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director
| Tel: 0114 242 7500 www.pressuretechnologies.co.uk
|
| Fairfax IS PLC Katy Birkin Laura Littley
| Tel: 0207 598 5368 |
| Rawlings Financial PR Limited Catriona Valentine
| Tel: 01653 618 016 www.rawlingsfinancial.co.uk
|
Company description:
Pressure Technologies is the holding company for Chesterfield Special Cylinders Limited ("CSC"). CSC designs, manufactures and offers retesting and refurbishment services for a range of speciality high-pressure, seamless steel gas cylinders for global energy and defence markets. The business has been conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Chesterfield BioGas ("CBG"), an operating division of Pressure Technologies, formed in November 2008 following the signing of a co-operation agreement with Greenlane Biogas Limited, the world leader in biogas upgrading from raw biogas to vehicle quality fuel, gives Pressure Technologies exclusive rights to market Greenlane equipment in the UK and Eire. Chesterfield BioGas will provide turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste.
Al-Met Limited ("Al-Met"), which was acquired by the Group in February 2010, is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, based in Pontyclun, near Cardiff. Al-Met's products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, established in 1985, has developed a leading edge capability in precision machining carbides and superalloy matrix materials. The ability to combine high alloy steels with tungsten carbide inserts and specialised coatings gives Al-Met its niche position with its customers, global wellhead and subsea equipment OEMs.