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Chamberlin plc announced on 22 June 2023 that its subsidiary, Chamberlin & Hill Castings Ltd, secured a new contract with a leading European automotive industry components supplier. This eight-year contract for complex turbo charger bearing housing castings is valued at approximately €7.3 million. Tooling production begins in July 2023, with serial production commencing in July 2024, expected to contribute approximately €1.1 million in annual revenues.
| Date | 22 Jun 2023 |
| Time | 14:03:08 |
| Category | Corporate updates |
| ID | 6344D |
22 June 2023
Chamberlin plc
("Chamberlin", the "Company" or the "Group")
Major Contract Win
Chamberlin (AIM: CMH.L), the specialist castings and engineering group, announces that its castings subsidiary, Chamberlin & Hill Castings Ltd ("CHC"), has secured a major new contract worth approximately €7.3 million of revenue over an eight-year term with a leading European automotive industry components supplier. Under the contract, CHC will supply complex turbo charger bearing housing castings to the European automotive OEM that will be utilised in its passenger car engines.
Secured after a rigorous competitive tender process, tooling production begins in July 2023 and supply of the pre-series sample production parts will take place throughout the current financial year. Serial production commences in July 2024 and is expected to contribute annual revenues of approximately €1.1 million.
Kevin Price, Chief Executive of Chamberlin, commented,
"I am delighted to announce this major contract win for our Walsall foundry. This business win represents a significant step forward in re-building revenues at Chamberlin and Hill Castings and securing the long-term future order book. This contract strengthens our position as Europe's leading supplier of grey iron castings to the Automotive turbo charger market."
Enquiries:
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Chamberlin plc Kevin Price, Chief Executive Officer Alan Tomlinson, Finance Director |
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T: 01922 707100
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Cenkos Securities plc (Nominated Adviser and Joint Broker) Katy Birkin Stephen Keys George Lawson
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T: 020 7397 8900 |
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Peterhouse Capital Limited (Joint Broker) Lucy Williams Duncan Vasey |
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T: 020 7469 0930 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.