28th Feb 2020 09:14
(Alliance News) - Meggitt PLC on Friday said it has won a USD73 million contract from Bell Textron Inc to supply ice protection components.
Shares in Dorset-headquartered Meggitt were down 3.9% at 534.20 pence in London in morning trading.
Meggitt supplies component and subsystems to the aerospace, defence, and energy markets. It will supply US aerospace firm Bell Textron - a subsidiary of Textron Inc - with "composite de-icing propeller rotor blankets, heated spinners, fairings and pendulums". These will be used in the Bell Boeing V-22 Osprey - a military aircraft.
Meggitt Chief Executive Tony Wood said: "The Osprey is an iconic platform and we are grateful for the trust that Bell has once again placed in Meggitt to provide composite solutions that greatly enhance flight safety, efficiency and performance."
The FTSE 100-listed company on Tuesday this week reported the upcoming departure of Chair Nigel Rudd, who will not seek re-election at its 2021 annual general meeting. His successor has yet to be named.
At that time, Meggitt also posted its 2019 results, showing revenue of GBP2.28 billion in 2019, up 9.6% from GBP2.08 billion in 2018 and lifting pretax profit 33% to GBP286.7 million from GBP216.1 million.
However, Meggitt warned warned growth in 2020 will be hindered by the halt to production of Boeing Co's 737 MAX aircraft, alongside disruption caused by coronavirus.
By Anna Farley; [email protected]
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