13th Jul 2021 11:10
(Alliance News) - Renold PLC on Tuesday said it has been awarded a contract for the supply of flexible couplings for the second batch of the Royal Navy's Type 26 future frigate.
Manchester-based Renold is a supplier of industrial chains and related power transmission products.
The contract is worth GBP11 million over the next eight years.
Flexible couplings, which are an important part of a ship's propulsion system, are part of the Renold 'Hi-Tec Range' of couplings which are supplied worldwide for large marine and industrial projects.
"The award of the Type 26 Batch 2 contract is reflective of the quality of the service and product we have provided in Batch 1 and continues to underpin the board's confidence in our expectations for the year. It is a great opportunity for our Couplings business and demonstrates the rewards from our ongoing strategy of focusing on manufacturing and engineering excellence," said Chief Executive Robert Purcell.
Renold's shares were up 6.7% at 24.00 pence each in London on Tuesday morning.
By Amrit Sahota; [email protected]
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