1st Jun 2015 07:38
LONDON (Alliance News) - Aerospace and defence engineering company Corac Group PLC on Monday said it has secured its first commercial order from FTSE 250-listed engineer Spirax-Sarco Engineering PLC for its steam expander products.
The order follows the ten-year commercial agreement that the companies signed in March for packaged steam products using Corac's micro-turbines and compressors.
The initial order will include five micro-turbine units and an additional spares package. They will be built at Corac's Portsmouth facility and will be delivered in early 2016.
"We are very pleased to report that our agreement with Spirax has moved forward into the next phase with a commercial order. This order builds on the activities carried out over the last three years and begins the commercial exploitation of these products," said Corac Chief Executive Phil Cartmell.
Shares in Corac were up 4.0% to 6.50 pence in early trade Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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