15 February 2016
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
New Contract and Framework Agreements for Energy and Medical Division
Avingtrans (AIM:AVG), which designs, manufactures and supplies critical components, modules and associated services to the aerospace, energy and medical sectors is pleased to announce that its Energy and Medical division has diversified into the materials technology market, with a contract to provide composite components for airport scanners.
Avingtrans has signed an initial contract and three-year framework agreement worth over £3.5 million with Rapiscan, a leading security screening provider based in California. Under the terms of the contract, Avingtrans will provide key components for Rapiscan's new and ground-breaking airport scanner, the RTT110 (Real Time Tomography). The RTT110 is also the first scanner to successfully pass the European Civil Aviation Conference's (ECAC) Standard 3 threat detection test for baggage-borne explosive risks - a standard that will become compulsory for airports around the world by 2020.
Additionally, Avingtrans is also pleased to announce that Stainless Metalcraft, also part of the Group's Energy and Medical division, has signed a framework agreement with Bruker BioSpin AG ("Bruker"), a Swiss based market leader in analytical magnetic resonance instruments. Production will initially take place in the UK, before manufacturing transitions to Metalcraft's own established facility in Chengdu, China. Worth £1m per annum, the agreement will see Stainless Metalcraft produce high integrity cryostat components for Bruker's Nuclear Magnetic Resonance systems (NMR). NMR spectroscopy complements other structural and analytical techniques, such as X-ray, crystallography and mass spectrometry and can be used alongside MRI related technology, to provide multidimensional images and spatially resolved information.
Austen Adams, Managing Director of Avingtrans' Energy & Medical division, said: "We are delighted to announce these important new work programmes with Rapiscan and Bruker. Both mark an important development in the ongoing diversification of the Energy and Medical division"
"We have been working with Rapiscan to develop its RTT110 scanner for a some time now and this supply contract means we can now ramp up production to meet fast-growing demand. Security is a real challenge for airports as passenger numbers increase around the world but, until now, this increase has not been matched by advances in security risk detection technology."
"We will work closely with Bruker to develop a fully value-engineered solution for the components for their NMR programmes, ensuring all procedures and processes are firmly established, before transitioning the work to our Chinese site, which will not only bring additional cost efficiency but also bring the manufacturing closer to end customer locations."
Enquiries:
Avingtrans plc Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer |
Tel: 01159 499 020 |
Numis David Poutney (Corporate Broking) Richard Thomas (Corporate Finance and Nominated Adviser) |
Tel: 0207 260 1000 |
Newgate (Financial PR) Adam Lloyd Ed Treadwell |
Tel: 020 7653 9850 |
About Avingtrans
Avingtrans plc is engaged in the provision of highly engineered components, modules and services to the Aerospace, Energy and Medical markets worldwide.
The business is made up of two divisions
Aerospace, engaged in the manufacture of rigid pipe assemblies, fabrications and prismatic components - both metallic and composite - for the global aerospace market and precision polishing of aircraft components and;
Energy and Medical, engaged in the design and manufacture of machined and fabricated pressure and vacuum vessels and process plant and equipment for the power, oil & gas and medical markets. Plus, design and manufacture of fabricated poles and cabinets for roadside safety cameras and rail track signalling.
About Rapiscan
Rapiscan is a global leading security screening provider, manufacturing a variety of products, solutions and services to meet a variety of threat detection needs both for governments and the private sector. Rapiscan is a wholly-owned subsidiary of OSI Systems (NASDAQ:OSIS) and is headquartered in California with additional offices and manufacturing in Finland, India, Malaysia, Singapore, United Kingdom and the United States. Rapiscan specialises in Baggage and Parcel Inspection, Cargo and Vehicle Inspection, Hold Baggage Screening, People Screening, Screening as Service, Total Security Solutions Provider, Radiation Detection and Trace Detection.
About Brucker BioSpin AG
Bruker Corporation is a US based manufacturer of analytical and medical instruments covering NMR, ESR, FT-IR, X-RAY spectroscopy. Brucker BioSpin, the magnetic resonance division of the Corporation, provides a global leading range of magnetic NMR and EPR spectroscopy and preclinical MRI research tools. The Bruker BioSpin Group of companies develop, manufacture and supply technology to research establishments, commercial enterprises and multi-national corporations across countless industries and fields of expertise.
