Long Term Agreement Signed
Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is delighted to announce that it has secured a long term (Life of Contract) agreement (the "Agreement") with an existing UK customer in the UK composites’ sector (the "Customer"). The Customer, which is US owned, supplies OEMs and Tier 1 aircraft manufacturers.
The Agreement secures existing business in the region of £4.1m per annum which includes an additional £0.9m per annum of new business. The aircraft platforms concerned are the A350, A320 and A330 which are strategically important to Velocity.
The contract comes after Velocity has been working with the customer for a period of time under Purchase Order cover whilst the requisite contractual arrangements were agreed. Velocity has developed advanced kits for both structural (carbon fibre pre-preg, glass fibre pre-preg, film adhesives and surface products) and vacuum bag engineered kits for all their major programmes.
Jon Bridges, CEO of Velocity commented:
"This is a significant contract with an important customer for whom we have provided both structural and consumable kits for some time. It is the culmination of a lot of close cooperation from both parties to work together to remove inherent waste from the composites supply chain and provide their materials in a lean and efficient way. We look forward to working with the customer over the life of the programmes to add further value to their business."