Hardide PLC Orders for three new coating reactors
21 August 2019 - 4:00PM
RNS Non-Regulatory
TIDMHDD
Hardide PLC
21 August 2019
21 August 2019
Hardide plc
("Hardide" or "the Group" or "the Company")
Hardide orders three new coating reactors to increase production
capacity
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, is pleased to announce that it has now
ordered three new coating reactors. These will increase capacity
and capability at the Company's coating facilities in the UK and
USA in line with the Company's previously described strategy.
Two of these reactors will be installed in the new 20,000ft(2)
Bicester premises as part of the Company's move which includes
relocating its existing three reactors. The third new reactor will
be installed in Martinsville, Virginia in Spring 2020, taking the
number of reactors there to four. The Group will have nine reactors
once these new ones have been installed, which will provide a
significant increase in production capacity in anticipation of
increased demand. The investment has been funded by the proceeds of
the Company's previous fundraisings.
One of the additional reactors in Bicester will be larger and
have greater capability than the existing reactors. This is to
allow for the coating of larger components than is currently
possible, including steam turbine blades.
The Company is making good progress with its planning for
transitioning to the new Bicester site. The new facility will
double the floor space currently available. As a newly built unit,
it will enable operational efficiencies and a much-improved layout.
The move to the new site is expected to be complete by September
2020.
Philip Kirkham, CEO of Hardide plc said: "Placing the orders for
these new reactors is a signal of the confidence that the Directors
have in the prospects for future business growth in the UK and
North America. We have several exciting test programmes underway
and are looking forward to the migration to our new and expanded UK
facility."
Enquiries:
Hardide plc
Philip Kirkham, CEO Tel: +44 (0) 1869 353
Jackie Robinson, Communications Manager 830
IFC Advisory Tel: +44 (0) 2039 346
Graham Herring / Heather Armstrong / Florence 630
Chandler
finnCap Tel: +44 (0) 2072 200
Henrik Persson / Kate Bannatyne / Matthew 500
Radley
Notes to editors:
www.hardide.com
Hardide develops, 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, precision engineering and aerospace industries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAEASPEASLNEFF
(END) Dow Jones Newswires
August 21, 2019 02:00 ET (06:00 GMT)
Hardide (LSE:HDD)
Historical Stock Chart
From Apr 2024 to May 2024
Hardide (LSE:HDD)
Historical Stock Chart
From May 2023 to May 2024