Velocity Composites PLC Service Offering Partnership with Wesco

TIDMVEL

Velocity Composites PLC

12 June 2019

12 June 2019

VELOCITY COMPOSITES PLC

("Velocity", the "Company" or the "Group")

Service Offering Partnership with Wesco Aircraft Holdings, Inc.

Velocity Composites plc, the leading supplier of advanced composite material kits, is delighted to announce that it has partnered with Wesco Aircraft Holdings, Inc. ("Wesco"), the world's leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, to support the expansion of Wesco's product offering into composite management services.

This service offering, Wesco Composite Management Services, will initially be introduced in North America, and will utilise Wesco's leading supply chain management expertise and Velocity's innovative composite nesting, kitting and waste reduction services.

Jon Bridges Interim Chief Executive Officer and Chief Technology Officer of Velocity said:

"As aircraft original equipment manufacturers demand higher productivity and production rates, this exciting service provision will transform how large, multi-national aerospace manufacturers procure and utilise composite raw materials and realise the opportunities of the industry, as they strive to remove waste and cost from their manufacturing processes.

"Our collaboration with Wesco Aircraft demonstrates how two complementary organisations can work together to bring a combined service offering to market in a way which delivers further benefits to customers and allows for a faster, more efficient roll out. The partnership will draw upon the strengths of both Wesco and Velocity by utilising our combined technologies as well as our existing customer relationships.

"We are excited to work with the team at Wesco to help potential new customers meet the challenges of waste reduction, rate readiness, process standardisation and stock management. We look forward to the partnership growing as Wesco Composite Management Services delivers customer benefits across North America, a new market for Velocity."

Wesco and Velocity will be exhibiting at the Paris Air Show, and further information can be found at stand Hall 4, Stand D208.

Ends

CONTACT DETAILS:

 
 Velocity                                      c/o Camarco 
  Brian Tenner, Senior Independent Director     Tel: [phone] 
 finnCap (Nominated Adviser and Broker)        Tel: [phone] 
  Ed Frisby / Scott Mathieson / Hannah Boros 
  (Corporate Finance) 
  Tim Redfern (ECM) 
 
   Camarco (Financial PR)                        Tel: [phone] 
   Ed Gascoigne Pees / James Crothers 
 

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 and Continental Europe.

For further information please visit: http://www.velocity-composites.com/

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June 12, 2019 02:00 ET (06:00 GMT)