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13 Jul 2021 07:00
13 July 2021
Renold plc
("Renold", the "Company" or the "Group")
Flexible Coupling Contract Award
Renold, 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 for the supply of flexible couplings for the second batch of the Royal Navy's Type 26 future frigate. The contract is worth £11 million over the next eight years.
The flexible couplings, which are an important part of a ship's propulsion system, are part of the Renold 'Hi-Tec Range' of couplings which are supplied worldwide for large marine and industrial projects.
The contract award, although in line with expectations, represents a significant extension of the Company's existing Type 26 Batch 1 contact covering three ships. Flexible couplings for the first two ships have been delivered and manufacture of the third ship set is currently in progress. Manufacture of the five shipsets of couplings in Batch 2 is due to start in 2022 following the installation by the Company of a new machining centre. The manufacturing programme is scheduled to complete in 2029.
Renold CEO, Robert Purcell, commented: "The award of the Type 26 Batch 2 contract is reflective of the quality of the service and product we have provided in Batch 1 and continues to underpin the Board's confidence in our expectations for the year. It is a great opportunity for our Couplings business and demonstrates the rewards from our ongoing strategy of focusing on manufacturing and engineering excellence."
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Jim Haughey, Group Finance Director | |
Peel Hunt LLP | 020 7418 8900 |
Mike Bell | |
Ed Allsopp | |
IFC Advisory Limited | 020 3934 6630 |
Tim Metcalfe | renold@investor-focus.co.uk |
Graham Herring | |
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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