By Sabela Ojea

Velocity Composites PLC (VEL.LN) said Tuesday that it will supply Boeing Co. (BA) with structural composite material kits for the plane maker's single aisle narrowbody jet platform, expanding the contract the companies signed in 2018.

The supplier of advanced composite material kits to the aerospace market said the approval follows 18 months of preparation, planning and audit and will form a key element in its future growth strategy.

Velocity Composites and Boeing signed a long-term agreement to supply complex design kits for the Boeing 737 MAX program in June 1, 2018. This agreement has now been expanded to include the supply of structural composite material kits.

Shares at 0921 GMT were up 2.4% at 42.50 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 21, 2020 04:51 ET (09:51 GMT)

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