Renold PLC Flexible Coupling Contract Award (9891E)

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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                           [e-mail] 
 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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July 13, 2021 02:00 ET (06:00 GMT)