Velocity secures agreement extension with UK client
Contract term through to the end of December 2019 builds on several years providing a full cleanroom service for a client who supplies OEMs and Tier 1 aircraft manufacturers
Velocity Composites plc, a supplier of advanced composite material kits for the global aerospace industry, has secured an extension to a long-term agreement with an existing UK customer who supplies OEMs and Tier 1 aircraft manufacturers.
This extension adds a further 12 months to the existing agreement taking the contract term through to the end of December 2019.
The deal also secures existing business with an annualised value in the region of £10 million.
The aircraft platforms concerned are the Airbus A320, A330, and A380 and other regional business jets, which are all strategically important platforms.
The extension comes after Velocity has been providing a full cleanroom service for several years and supports the customer in managing changes in programmes across their portfolio. During this extended period, Velocity and the Customer will enter into discussions over a new Long Term Agreement, subject to commercial competitiveness.
Velocity operates from two purpose-built cleanroom facilities totalling 26,000 sq ft located in the heart of the UK’s North West Aerospace cluster.
