17th Aug 2021 11:07
(Alliance News) - Surface Transforms PLC on Tuesday said it has been selected as a tier one supplier of a carbon ceramic brake disc to an undisclosed US automotive company.
The Liverpool, England-based manufacturer of carbon ceramic products said all terms and conditions have been agreed.
The lifetime revenue on this contract is estimated to be GBP20 million, commencing in mid 2024. Annual revenue is estimated to be GBP5 million per year from 2025 to 2027 inclusive, with approximately half that sum in 2024 and 2028.
"We look forward to making further contract award announcements over the next few months," said Chief Executive Kevin Johnson.
Surface Transforms shares were trading 5.0% higher in London on Tuesday at 65.10 pence each.
The company expects to publish results for the six months ended June 30 on September 13.
By Evelina Grecenko; [email protected]
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