23rd Mar 2015 09:01
LONDON (Alliance News) - Surface coating technology company Hardide PLC on Monday said it has agreed a one-year extension to its supply deal with US conglomerate General Electric Inc.
The extension of the deal, to February 2017, will be worth a further USD0.7 million to Hardide over the term of the contract, the company said.
The agreement was originally signed in March 2014, but the extension means the total sales guaranteed under the deal for Hardide will be USD2 million. The company added the option remains in place to extend the deal to five years.
Under the agreement, Hardide is applying coatings to components used by General Electric.
"The fact that GE has chosen to extend its initial two-year supply agreement with Hardide by another year, with the option of further extensions, reflects the significant benefits that our coating technology brings to GE. We look forward to continuing to develop our relationship," said Hardide Chief Executive Philip Kirkham.
Shares in Hardide were up 9.1% to 1.5 pence on Monday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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