REG - Renold PLC - Contract Win

RenoldAnnouncement

01/05/2024 07:00

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RNS Number : 7074M  Renold PLC  01 May 2024

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:

 

 Renold plc                             0161 498 4500
 Robert Purcell, Chief Executive
 Jim Haughey, Group Finance Director

 Peel Hunt LLP (Nominated Adviser and Joint Broker)                 020 7418 8900
 Mike Bell
 Ed Allsopp

 Cavendish Capital Markets Limited (Joint Broker)                   020 7220 0500
 Ed Frisby / Tim Harper (Corporate Finance)
 Andrew Burdis / Harriet Ward (ECM)

 IFC Advisory Limited (Financial PR and IR)                         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 (https://www.renold.com/)

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