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17 Jan 2023 07:00
17 January 2023
Renold plc
("Renold", the "Company" or the "Group")
Contract Win
Renold (AIM: RNO), a leading international supplier of industrial chains and related power transmission products, is pleased to announce that Renold Couplings, part of the Company's Torque Transmission division, has been awarded a contract worth £8.7 million.
The award, to be delivered over the next seven years, is for the supply of flexible couplings for the Royal Australian Navy's Hunter class frigates. The flexible couplings, which are an important component of a ship's propulsion system, are part of Renold's Hi-Tec range of couplings, which are supplied worldwide for large marine and industrial projects.
The Hunter class frigates will be built by BAE Systems Australia in the Osborne Shipyard, South Australia. The contract award represents a significant extension of the Group's collaboration with BAE Systems for the supply of flexible couplings for naval vessels. Production of the couplings is expected to commence in early 2023, and will be machined on a new machining centre which was installed in Renold's Cardiff facility in 2022, specifically for naval programmes. The first manufacturing programme is scheduled to complete in 2030.
Renold CEO, Robert Purcell, commented:
"I am delighted that Renold will continue to work with BAE Systems Australia to deliver couplings for the next generation frigates. The award of the Hunter class contract is reflective of the quality of the service and product we have provided to other naval programmes and continues to underpin our belief in the Renold Hi-Tec product range.
"This excellent long-term contract will further underpin our Couplings business performance and shows the continued benefits of product development together with manufacturing and engineering excellence."
ENQUIRIES:
Renold plc | IFC Advisory Limited |
Robert Purcell, Chief Executive | Tim Metcalfe |
Jim Haughey, Group Finance Director | Graham Herring |
renold@investor-focus.co.uk | |
0161 498 4500 | 020 3934 6630 |
Nominated Adviser and Joint Broker | Joint Broker |
Peel Hunt LLP | FinnCap Limited |
Mike Bell | Ed Frisby (Corporate Finance) |
Ed Allsopp | Andrew Burdis / Harriet Ward (ECM) |
| |
020 7418 8900
| 020 7220 0500 |
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well-deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.
Further information about Renold can be found on the website at: www.renold.com
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