REG - Renold PLC - Contract Win

RenoldAnnouncement

17/01/2023 07:01

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RNS Number : 8837M  Renold PLC  17 January 2023

17 January 2023

 

 

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 worth £8.7 million.

 

The award, to be delivered over the next seven years, is for the supply of
flexible couplings for the Royal Australian Navy's Hunter class frigates. The
flexible couplings, which are an important component of a ship's propulsion
system, are part of Renold's Hi-Tec range of couplings, which are supplied
worldwide for large marine and industrial projects.

 

The Hunter class frigates will be built by BAE Systems Australia in the
Osborne Shipyard, South Australia. The contract award represents a significant
extension of the Group's collaboration with BAE Systems for the supply of
flexible couplings for naval vessels. Production of the couplings is expected
to commence in early 2023, and will be machined on a new machining centre
which was installed in Renold's Cardiff facility in 2022, specifically for
naval programmes. The first manufacturing programme is scheduled to complete
in 2030.

 

Renold CEO, Robert Purcell, commented:

 

"I am delighted that Renold will continue to work with BAE Systems Australia
to deliver couplings for the next generation frigates. The award of the Hunter
class contract is reflective of the quality of the service and product we have
provided to other naval programmes and continues to underpin our belief in the
Renold Hi-Tec product range.

 

"This excellent long-term contract will further underpin our Couplings
business performance and shows the continued benefits of product development
together with manufacturing and engineering excellence."

 

ENQUIRIES:

 

 Renold plc                           IFC Advisory Limited
 Robert Purcell, Chief Executive      Tim Metcalfe
 Jim Haughey, Group Finance Director  Graham Herring
                                      renold@investor-focus.co.uk (mailto:renold@investor-focus.co.uk)

 0161 498 4500                        020 3934 6630

 

 

 Nominated Adviser and Joint Broker  Joint Broker
 Peel Hunt LLP                       FinnCap Limited
 Mike Bell                           Ed Frisby (Corporate Finance)
 Ed Allsopp                          Andrew Burdis / Harriet Ward (ECM)

 020 7418 8900                       020 7220 0500

 

 

 

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 (http://www.renold.com)

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