Velocity Composites PLC New Framework Agreement (1852S)
07 Luglio 2020 - 8:00AM
UK Regulatory
TIDMVEL
RNS Number : 1852S
Velocity Composites PLC
07 July 2020
7 July 2020
VELOCITY COMPOSITES PLC
("Velocity" or the "Group")
AIM: VEL.L
New Framework Agreement
Velocity, the leading supplier of advanced composite material
kits to the aerospace sector, is pleased to announce that it has
signed a new framework agreement (the "Framework Agreement") with
an existing customer, a leading UK prime contractor in the Defence
sector (the "Customer").
The Framework Agreement sets out the top-level terms and
conditions, which underpin the Group's existing work packages with
the Customer, and, importantly, enables additional work packages to
be placed. The Company has been operating within the terms of the
Framework Agreement since 1 March 2020 and remains in place through
to 31 December 2022 with options to extend for two further 12-month
periods.
Jon Bridges, Chief Executive Officer of Velocity, said:
"This is great news for Velocity. The Group is actively
developing its Defence sector business, which has not experienced
the same headwinds as those being weathered in civil aviation, and
this new agreement creates the opportunity to increase sales to
this important and influential customer.
"We have a long-standing and very positive relationship with the
Customer founded on our ability to deliver innovative technologies
and excellent service levels, which help meet strict programme
production requirements. We look forward to working with them over
the next two years and continuing to demonstrate the benefits and
advantages of our product solutions for both existing and new
aircraft platforms."
Enquiries:
Velocity
Jon Bridges, Chief Executive Officer
Andy Beaden, Chairman +44 (0) 1282 577577
Cenkos (Nominated Adviser and Broker) +44 (0)20 7397 8900
Russell Cook +44 (0)20 7397 1977
Ben Jeynes +44 (0)20 7397 1974
Belvedere Communications (Financial VelocityPR@belvederepr.com
PR) +44 (0) 7715 769 078
Cat Valentine +44 (0) 7967 816 525
Keeley Clarke
About Velocity
Velocity Composites is a manufacturer of composite material kits
for the aerospace industry, delivering engineered kits for its
customers to build component parts. The Company's clients include
multi-national manufacturers of composite parts and assemblies, who
in turn deliver to the world's leading civil and military aircraft
manufacturers. The Airbus A320, A330, A350, A380, Eurofighter
Typhoon, F35 Joint Strike Fighter, Boeing 737, and V22 Osprey are
all constructed using parts manufactured from Velocity's kits. The
Company's business model reduces the operating costs of preparing
composite materials ahead of their usage in the construction of an
aircraft part and as such, its offering is disposed to being
self-financing for aircraft parts' manufacturers. Velocity
Composites also exports to Europe and North America.
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END
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