Major Supply Agreement with General Electric

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 1st 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

Jackie Robinson, Communications Manager

Tel: +44 1869 353 830

jrobinson@hardide.com

www.hardide.com

 

finnCap

Stuart Andrews / Grant Bergman

 

 

Tel: +44 (0)20 7220 0500     

www.finncap.com/

 

Newgate Threadneedle

Graham Herring / Heather Armstrong

 

Tel: +44 207 653 9850

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. 

 

 


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