1st Jun 2018 09:55
LONDON (Alliance News) - Velocity Composites PLC shares jumped on Friday as it inked a GBP3 million long-term deal to provide complex design consumable kits for the Boeing 737 Max programme.
Shares were trading 20% higher at 63.00 pence each.
The deal is set to last until December 2021, with production of the kits starting immediately. The products will be used by Velocity's unnamed customer for the wings on the Boeing 737 Max.
"We are confident that the added value the company brings through lowering waste and cost in the aerospace industry will lead to the continued growth of Velocity's role in the aerospace manufacturing supply chain. I am also hopeful that these two packages of work will, in turn, lead to further contract awards," Chief Executive Jon Bridges said.
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