Tuesday, Avingtrans Plc (AVG.L), a manufacturer and supplier of critical components and associated services to various industries, announced that it has signed a long-term agreement with Rolls-Royce Group Plc. (RR.L). The total value of the agreement is expected to be in excess of $40 million.
As per the terms of the agreement, Avingtrans will supply rigid pipe assemblies and components from its aerospace division, B&D patterns in the UK and sigma precision components in Chengdu, China.
Commenting on the deal, non-executive chairman of Avingtrans, Roger McDowell, said, "We are very pleased that our Aerospace Division has been able to secure this prestigious contract with Rolls-Royce Group Plc. The combination of a capable UK-based business combined with our established capability in China, enable us to deliver significant value over the life of this Long Term Agreement."
AVG.L is currently trading at 59.50 pence, up 3.12 pence or 5.53%, on LSE.
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