1 May 2024
Renold plc
("Renold", the "Company" or the "Group")
Contract
Win
Renold (AIM: RNO), 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 to manufacture flexible couplings for Batch
1 of the Canadian Surface Combatant ships for the Royal Canadian
Navy, worth £10.6 million. This contract, together with other
military work recently awarded, means that Renold's military order
book has increased by £13.1 million, over recent months.
The contract, to be delivered over
the next six years is for flexible couplings, which are an
important component of a ship's propulsion system and form part of
Renold's Hi-Tec range of couplings, which are supplied worldwide
for large marine and industrial projects.
The Canadian Surface Combatant ships
will be built by Irving Shipbuilding Inc in the Halifax Shipyard,
Nova Scotia. The contract award represents a significant extension
of the Group's collaboration with Canada in supplying flexible
couplings for naval vessels. The Canadian Surface Combatant will
replace the Halifax class warships which also used Renold Flexible
Couplings. Manufacture of the flexible couplings for the Canadian
Surface Combatant is anticipated to commence mid-2024 in Renold's
Cardiff facility.
Renold CEO, Robert Purcell, commented:
"I am delighted that Renold are
working with Irving Shipbuilding Inc on the next generation of
Canadian warships. The award of the Canadian Surface Combatant
contract builds on the success of our naval flexible couplings
business which is already working on the British and Australian
naval programmes and this success underpins our belief in the
Renold Hi-Tec product range.
"This excellent long-term contract
will further reinforce our Couplings business performance and shows
the on-going benefits of our product development strategy combined
with our manufacturing and engineering excellence."
ENQUIRIES:
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Renold plc
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0161 498 4500
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Robert Purcell, Chief
Executive
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Jim Haughey, Group Finance
Director
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Peel Hunt LLP (Nominated Adviser and Joint
Broker)
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020
7418 8900
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Mike Bell
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Ed Allsopp
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Cavendish Capital Markets Limited (Joint
Broker)
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020
7220 0500
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Ed Frisby / Tim Harper (Corporate
Finance)
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Andrew Burdis / Harriet Ward
(ECM)
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IFC
Advisory Limited (Financial PR and IR)
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020
3934 6630
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Tim Metcalfe
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renold@investor-focus.co.uk
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Graham Herring
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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