1st Apr 2014 11:02
LONDON (Alliance News) - Torotrak PLC said Tuesday that it had triggered a GBP1.6 million licence payment after it completed durability testing on key component disc and rollers relating to the Allison Transmission Inc programme.
There is a total maximum GBP2.6 million of license and engineering payments Torotrak can achieve in the programme. Torotrak said that this confirms Allison's exclusive rights to commercialise its infinitely variable transmission technology in the commercial vehicle market.
Torotrak is in discussions with Allison over the next stage of the programme, including the level of engineering services support required by Allison.
Torotrak expects to provide an update on these discussions when it releases its full-year results in May.
Shares in Torotrak were trading up 6.5% at 21.83 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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