Renold PLC Flexible Coupling Contract Award (9891E)
July 13 2021 - 2:00AM
UK Regulatory
TIDMRNO
RNS Number : 9891E
Renold PLC
13 July 2021
13 July 2021
Renold plc
("Renold", the "Company" or the "Group")
Flexible Coupling Contract Award
Renold, a leading international supplier of industrial chains
and related power transmission products, is pleased to announce
that Renold Couplings; part of the Company's Torque Transmission
division, has been awarded a contract for the supply of flexible
couplings for the second batch of the Royal Navy's Type 26 future
frigate. The contract is worth GBP11 million over the next eight
years.
The flexible couplings, which are an important part of a ship's
propulsion system, are part of the Renold 'Hi-Tec Range' of
couplings which are supplied worldwide for large marine and
industrial projects.
The contract award, although in line with expectations,
represents a significant extension of the Company's existing Type
26 Batch 1 contact covering three ships. Flexible couplings for the
first two ships have been delivered and manufacture of the third
ship set is currently in progress. Manufacture of the five shipsets
of couplings in Batch 2 is due to start in 2022 following the
installation by the Company of a new machining centre. The
manufacturing programme is scheduled to complete in 2029.
Renold CEO, Robert Purcell, commented: "The award of the Type 26
Batch 2 contract is reflective of the quality of the service and
product we have provided in Batch 1 and continues to underpin the
Board's confidence in our expectations for the year. It is a great
opportunity for our Couplings business and demonstrates the rewards
from our ongoing strategy of focusing on manufacturing and
engineering excellence."
ENQUIRIES:
Renold plc 0161 498 4500
Robert Purcell, Chief Executive
Jim Haughey, Group Finance Director
Peel Hunt LLP 020 7418 8900
Mike Bell
Ed Allsopp
IFC Advisory Limited 020 3934 6630
Tim Metcalfe renold@investor-focus.co.uk
Graham Herring
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial
chains and also manufactures a range of torque transmission
products which are sold throughout the world to a broad range of
original equipment manufacturers and distributors. The Company has
a well-deserved reputation for quality that is recognised
worldwide. Its products are used in a wide variety of industries
including manufacturing, transportation, energy, steel and
mining.
Further information about Renold can be found on the website at:
www.renold.com
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