Hardide PLC Major Supply Agreement with General Electric (2920B)
03 März 2014 - 8:01AM
UK Regulatory
TIDMHDD
RNS Number : 2920B
Hardide PLC
03 March 2014
3 March 2014
Hardide plc ("Hardide" or the "Company")
Major Supply Agreement with General Electric
Hardide plc (AIM: HDD), the provider of advanced surface coating
technology, is pleased to announce that it has entered into a
Strategic Supply Agreement (the "Agreement") with the General
Electric Company Inc. ("GE").
The agreement is for the supply of coating to a single component
currently used by GE resulting in guaranteed turnover volume to the
Company of c. $1.3million over the 2 years to February 2016. The
Agreement is extendable up to five years. Development and testing
work is also well-advanced on additional components which, if
successful will be included to the Agreement and which would result
in further minimum annual volumes. If successful, the Board would
expect the supply of these additional components to GE to
significantly increase the overall value of the Agreement.
The Agreement is effective from 1(st) March 2014 and helps to
underpin the Board's current year forecasts.
Philip Kirkham, CEO of Hardide plc said:
"This is an exciting development that firmly embeds the Hardide
coating technology in one of the world's most respected advanced
engineering companies. An excellent working relationship has built
up with GE over the last 18 months and we continue to work closely
together on other projects including opportunities for the Hardide
technology in various other divisions of GE which the Company hopes
to capitalise on."
For further information:
Hardide plc
Philip Kirkham, Chief Executive Officer Tel: +44 1869 353 830
Jackie Robinson, Communications Manager jrobinson@hardide.com
www.hardide.com
finnCap Tel: +44 (0)20 7220 0500
Stuart Andrews / Grant Bergman www.finncap.com/
Newgate Threadneedle Tel: +44 207 653 9850
Graham Herring / Heather Armstrong www.newgatethreadneedle.com
Notes to editors:
Hardide Coatings develops, manufactures and applies
nano-structured tungsten-carbide coatings to a wide range of
engineering components. The Group's patented technology is unique
in combining a mix of abrasion, erosion and corrosion resistant
properties in one material and its ability to coat interior
surfaces and complex shapes uniformly. When applied to metal
components in aggressive environments, the material is proven to
offer dramatic improvements in component life resulting 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,
nuclear, advanced engineering and aerospace industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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