Long Term Agreement Extension 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 an extension to a Long Term Agreement with an existing UK customer who supplies OEMs and Tier 1 aircraft manufacturers.
This extension adds a further 12 months to the existing Agreement taking the contract term through to the end of December 2019 and secures existing business with an annualised value in the region of £10M. The aircraft platforms concerned are the Airbus A320, A330, and A380 and other regional business jets which are all strategically important platforms.
The extension comes after Velocity has been providing a full clean-room service for several years and supports the Customer in managing changes in programmes across their portfolio. During this extended period, Velocity and the Customer will enter into discussions over a new Long Term Agreement, subject to commercial competitiveness.