14th Jul 2014 08:45
LONDON (Alliance News) - Plastics Capital PLC Monday said it has successfully converted a major design project in its plastic bearings division, which it said will drive significant revenue and profit growth over the long term in the division.
The plastics products group said the conversion of the design project represents a major commitment from a tier-one automotive manufacturer, which it didn't name, for the production of tooling which will lead to the supply of lower steering column bearings over a 7 to 10 year period.
It said high-volume production is expected to commence in the first half of the next financial year, with sales expected to reach more than GBP0.5 million on an annualised basis and lifetime sales for the project expected to be in excess of GBP4.0 million.
"Conversion of these major projects will drive significant revenue and profit growth over the long term in this division. We anticipate that other major projects of similar scale will convert in this division during the next 12 months," said Executive Chairman Faisal Rahmatallah in a statement.
Plastics Capital shares were down 1.1% at 140.00 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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