28th Nov 2012 07:00
Avingtrans Plc ("Avingtrans" or the "Company" or the "Group") Sigma signs £80m contract with Rolls-Royce
Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that Sigma Precision Components UK Ltd, part of Avingtrans plc's Aerospace Division, has signed a long term agreement (LTA) with Rolls-Royce plc. The contract is to supply rigid pipe assemblies and precision components and is valued at £80 million over its duration of 10 years.
Mark Johnson, Managing Director of the Aerospace Division, commented:
"This is a major milestone in our relationship with Rolls-Royce. We will use Sigma's developing global capability to deliver the best possible value to Rolls-Royce and we look forward to further strengthening our relationship with them over the life of this LTA."
Steve McQuillan, Chief Executive of Avingtrans, said:
"This agreement underpins the Board's confidence in the Aerospace Division meeting management's expectations in the current financial year. Following the disposal of Jena Tec for £13.45 million, and the subsequent acquisitions of Aerotech Tubes and aerospace assets from PFW, the Board continues to seek value enhancing acquisitions to build on the Group's position in the Aerospace and Energy & Medical markets."
Enquiries:Avingtrans plc 0115 949 9020Steve McQuillan, CEOStephen King, CFO FinnCap Marc Young / Henrik Persson - Corporate Finance 020 7220 0568
Brian Patient / Victoria Bates - Corporate Broking
Newgate Threadneedle 020 7653 9850(Financial PR)Josh RoystonAbout Avingtrans
Avingtrans plc is engaged in the provision of highly engineered components and services to the Aerospace, Energy and Medical markets worldwide.
The business is made up of 2 divisions: • Aerospace, engaged in the manufacture of rigid pipe assemblies,
fabrications and prismatic components - both metallic and composite - for
the global aerospace market and precision polishing of aircraft components
and;
• Energy and medical, engaged in the manufacture of machined and fabricated
pressure and vacuum vessels and components for the energy, medical, science
and research communities. Plus, design and manufacture of fabricated poles
and cabinets for roadside safety cameras and rail track signalling.
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