Petards Group PLC Contract win from Siemens (6201K)
26 June 2014 - 8:00PM
UK Regulatory
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RNS Number : 6201K
Petards Group PLC
26 June 2014
26 June 2014
Petards Group plc ("Petards")
Contract win from Siemens
Petards, the AIM quoted developer of advanced security and
surveillance systems, announces that it has signed a framework
agreement (the "Agreement") to supply Siemens Sector Infrastructure
and Cities, Rail Systems Division ("Siemens") with Petards train
related products and services.
The Agreement is for an initial five year term renewable
annually thereafter and covers the world-wide Siemens business
whose portfolio comprises the entire Siemens rail vehicle business
ranging from locomotives, commuter, regional, intercity and
high-speed trains, metros, light rail vehicles and automated people
movers to passenger coaches for inter-city rail service and
electric bus systems for cities as well as related services and
maintenance.
Petards has also secured its first order under the Agreement to
supply Siemens with Petards eyeTrain on-board digital CCTV systems
for the new super high-speed Velaro type trains Siemens are
building for the Turkish State Railway who have announced plans to
procure up to a further 90 high speed trains in the future.
The equipment to be supplied will provide CCTV coverage of the
internal saloon areas, the drivers cab as well as "day/night" track
monitoring. Petards systems will also provide the trains with
Driver Only Operation (DOO) capability.
The order, worth in excess of GBP1.5 million, will be fulfilled
and supported from Petards facility in Gateshead. Engineering
activities have already commenced and equipment deliveries are
expected to commence in the second half of 2014 and to be completed
by the end of 2015.
Commenting on the award, Petards Chairman Raschid Abdullah said
"We are delighted to have entered into this framework agreement
with Siemens which is another major milestone in our strategic
relationship with Siemens.
"The order for the Velaro high speed trains is the second
significant project that Petards has been awarded by Siemens,
following on from the award of the Thameslink Project and positions
the Company well in this growing sector."
For further information:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905004
Andy Wonnacott, Finance Director Tel: 0191 420 3000
WH Ireland Limited, Nomad and www.wh-ireland.co.uk
Joint Broker
Mike Coe, Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3713 4581
claire.noyce@hybridan.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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