In addition, this contract encapsulates the finalisation of the agreement for the provision of complex vacuum bags on this programme. The agreement extends to 31 December 2021 with a contract value of £3m. These composite material kits will be produced in Velocity’s Fareham site starting immediately and used by Velocity’s customer for the wing construction on the Boeing 737 Max.
This contract signals a new agreement with an existing customer who is a Tier 1 supplier in the Aerospace industry, and a significant first for Velocity on the Boeing 737 Max programme which is a high growth Boeing platform.
Jon Bridges, Chief Executive Officer of Velocity Composites said:
“This latest signing of a Long Term Agreement with one of our existing customers is a significant and positive step for Velocity, and importantly is our first contracted Boeing platform, which continues the trading momentum that the Company has experienced in the year so far. 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.”
Companies: Velocity Composites PLC