17 Dec 2014 07:00
17 December 2014
Tricorn Group Plc
("Tricorn" or the "Group")
Contract Win
Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, is pleased to announce that Maxpower Automotive UK , part of the Group's Transportation Division, has signed a 5 year Long Term Agreement ("LTA") with a major British construction equipment manufacturer.
The LTA is expected to generate circa GBP10m of revenue for the Group over its duration, based on the current predicted volumes. The agreement is to supply rigid tube assemblies used in high pressure hydraulic applications. Maxpower Automotive UK will invest approximately GBP0.25m in additional manufacturing capability at its facility at West Bromwich to support the contract.
David Leakey, Sales Director of Tricorn, commented. "Having a core skills base close to the customer's business, as well as an expanding international presence, was key to us securing this significant contract win. On the back of this we can now build upon the high pressure, hydraulic tube capabilities that were first established at our USA operation."
For further information please contact:
Tricorn Group plc | Tel +44 (0)1684 569956 |
Mike Welburn; Chief Executive | www.tricorn.uk.com |
Phil Lee; Group Finance Director | |
Westhouse Securities Limited | Tel + 44 (0)20 7601 6100 |
Tom Griffiths Henry Willcocks - Corporate Broking | |
Winningtons | Tel + 44 (0)797 122 1972 |
Tom Cooper / Paul Vann | tom.cooper@winningtons.co.uk |
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy and Transportation sectors.
Headquartered in Malvern; UK; Tricorn employs around 350 employees; has 5 manufacturing facilities in China; USA and UK. It operates through three brands: Malvern Tubular Products; Maxpower Automotive and Franklin Tubular Products.