Long Term Airbus Contract Announcement

RNS Number : 1310Y

Avingtrans PLC

27 November 2014

 



27 November 2014

Avingtrans plc

("Avingtrans" or "the Company")

Long Term Airbus Contract Announcement

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 Components, the Group's Aerospace Division, has signed a 10 year long term agreement (LTA) with PFW Aerospace GmbH (part of Airbus) valued at c£25m over its duration based on the current predicted volumes.

The contract is to be sole supplier of selected fabricated assemblies on the Airbus A350 programme. In order to support the contract, Sigma will invest in additional manufacturing capabilities at its facility in Farnborough.

Mark Johnson, Managing Director of Avingtrans Aerospace Division commented "We are really pleased with the ongoing development of our relationship with PFW, a customer that offers significant potential for Sigma.  As well as being our first major deal for an Airbus aircraft it is also the fifth major LTA that Sigma has signed with an increasingly diverse customer base in the last 24 months, having a total value of over £200m."

Avingtrans plc Steve McQuillan, Chief Executive Officer Stephen King, Chief  Financial Officer	Tel: [phone]
Numis  David Poutney (Corporate Broking)                                                              Richard Thomas (Corporate Finance and Nominated Adviser)	Tel: [phone]
Newgate Threadneedle (Financial PR) Heather Armstrong /Adam Lloyd	Tel: [phone]

About 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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