Hardide plc has entered into a strategic supply agreement with the General Electric Company Inc. The agreement is for the supply of coating to a single component currently used by GE resulting in guaranteed turnover volume to the company of $1.3million over the 2 years to February 2016. The Agreement is extendable up to five years.
Development and testing work is also well-advanced on additional components which, if successful will be included to the agreement and which would result in further minimum annual volumes. If successful, the Board would expect the supply of these additional components to GE to significantly increase the overall value of the Agreement.
"This is an exciting development that firmly embeds the Hardide coating technology in one of the world’s most respected advanced engineering companies," said Philip Kirkham, CEO of Hardide plc. "An excellent working relationship has built up with GE over the last 18 months and we continue to work closely together on other projects including opportunities for the Hardide technology in various other divisions of GE which the company hopes to capitalize on."