Velocity Composites PLC Nadcap Accreditation Granted (3373H)

TIDMVEL

RNS Number : 3373H

Velocity Composites PLC

12 March 2018

12 March 2018

Velocity Composites plc

("Velocity" or the "Company")

Nadcap Accreditation Granted

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is delighted to announce that it has successfully achieved Nadcap Special Process accreditation for Composites scope KSP (Kitting Service Provider), for demonstrating their ongoing commitment to quality by satisfying customer requirements and industry specifications.

Nadcap ("National Aerospace and Defense Contractors Accreditation Program") is the leading worldwide cooperative program of major aerospace Primes and is designed to manage a cost-effective consensus approach to special processes and products and provide continual improvement within the aerospace and defense industries. It provides an industry managed supply chain oversight program that improves quality, while reducing costs, by assessing process capability for compliance to industry standards and customer requirements.

The accreditation comes after Velocity has been working with various customers over a long and sustained period and whilst the accreditation, which is significant, does not represent any increase in short term income, it does represent an enhanced ability to secure work on both Airbus and Boeing programmes around the world in the medium and long term. Velocity will continue to develop advanced kits for both structural (carbon fibre pre-preg, glass fibre pre-preg, film adhesives and surface products) and consumable (vacuum bag) engineered kits for all major aerospace programmes.

Jon Bridges, CEO of Velocity commented:

"This is a significant approval with important and positive implications for Velocity and its ability to win contracts going forward. The accreditation scope covers the structural material kit cutting and material control and storage, and is recognised across the aerospace industry and specifically mandated by many Primes. It represents an important piece of the Velocity growth story and a clear endorsement of our business model.

"Nadcap accreditation is the culmination of years of hard work by our team who are to be thanked for their efforts in securing this unique approval and for ensuring that Velocity, and its business model, is recognised widely. The Nadcap accreditation supplements our global Airbus approval for kitting and cutting and Velocity continues to seek further, specific, approvals which will complement our current suite."

Ends

CONTACT DETAILS:

 
 Velocity                                   c/o Camarco 
  Jon Bridges, CEO                           Tel: 020 
  Alan Kershaw, CFO                          3757 4980 
                                            Tel: 020 
   finnCap (Nominated Adviser and Broker)    7220 0500 
   Adrian Hargrave / Scott Mathieson 
   / Kate Bannatyne (Corporate Finance) 
   Tim Redfern (Corporate Broking) 
 
   Camarco (Financial PR)                     Tel: 020 
   Georgia Edmonds / Owen Roberts /           3757 4980 
   James Crothers 
 

About Nadcap

Nadcap (National Aerospace and Defense Contractors Accreditation Program) is an industry-managed approach to conformity assessment of 'special processes' that brings together technical experts from prime contractors, suppliers and representatives from government to work together and establish requirements for approval.

The Nadcap program is administered by the Performance Review Institute (PRI) and was established in 1990 by SAE International. Nadcap's membership consists of "Prime Contractors" who coordinate with aerospace accredited Suppliers to develop industry-wide audit criteria for special processes and products. Through PRI, Nadcap provides independent certification of manufacturing processes for the industry. PRI has its headquarters in Warrendale, Pennsylvania with branch offices for Nadcap located in London, Beijing, and Nagoya

PRI schedules an audit and assigns an industry approved auditor who conducts the audit using an industry agreed checklist. At the end of the audit, any non-conformity issues will be raised through a non-conformance report. PRI will administer and close out the non-conformance reports with the Supplier. Upon completion PRI will present the audit pack to a 'special process Task Group' made up of members from industry who will review it and vote on its acceptability for approval.

The Nadcap Subscribers include, but are not limited to, Airbus Group, BAE Systems, The Boeing Company, Bombardier Inc., COMAC, Embraer S.A., GE Aviation, General Dynamics, GKN Aerospace, Honeywell Aerospace, Israel Aerospace Industries, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Rolls-Royce, SAFRAN Group, Spirit AeroSystems, Textron Inc., Thales, Triumph Group Inc., United Technologies Corporation, and Zodiac Aerospace

About Velocity Composites

Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry, delivering engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity's kits. The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity's services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK, Denmark, France and Belgium.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 12, 2018 03:00 ET (07:00 GMT)