Hardide plc wins Additional GE Contract

Hardide Plc

Hardide plc (LON:HDD), the provider of advanced surface coating technology, has today announced that it has received an order worth $770k from the General Electric Company Inc (“GE”). This new order is for the application of Hardide coating to the same family of components as covered by the Supply Agreement that expired in February 2017. The order will be satisfied by the Company’s US facility for delivery before the end of the 2017 calendar year. The order is incremental to management’s existing expectations for the current year and underpins existing projections for the following financial year ending 30 September 2018.

Finncap said: “The group has announced that it has received an order from GE worth $0.77m over the course of the next year. The contract value is incremental to the management’s previous expectations and results in a small upgrade to our forecast for the current year and helps underpin existing expectations in 2018. This announcement follows hot on the heels of the recent Graco contract announcement and also the significant announcement that it has gained approved supplier status for Airbus.”

Hardide develops Plc, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, power generation, precision engineering and aerospace industries.

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