Velocity Composites PLC Nadcap Accreditation Granted (3373H)
12 March 2018 - 6:00PM
UK Regulatory
TIDMVEL
RNS Number : 3373H
Velocity Composites PLC
12 March 2018
12 March 2018
Velocity Composites plc
("Velocity" or the "Company")
Nadcap Accreditation Granted
Velocity Composites plc, the leading supplier of advanced
composite material kits, providing engineering value-solutions for
the global aerospace industry, is delighted to announce that it has
successfully achieved Nadcap Special Process accreditation for
Composites scope KSP (Kitting Service Provider), for demonstrating
their ongoing commitment to quality by satisfying customer
requirements and industry specifications.
Nadcap ("National Aerospace and Defense Contractors
Accreditation Program") is the leading worldwide cooperative
program of major aerospace Primes and is designed to manage a
cost-effective consensus approach to special processes and products
and provide continual improvement within the aerospace and defense
industries. It provides an industry managed supply chain oversight
program that improves quality, while reducing costs, by assessing
process capability for compliance to industry standards and
customer requirements.
The accreditation comes after Velocity has been working with
various customers over a long and sustained period and whilst the
accreditation, which is significant, does not represent any
increase in short term income, it does represent an enhanced
ability to secure work on both Airbus and Boeing programmes around
the world in the medium and long term. Velocity will continue to
develop advanced kits for both structural (carbon fibre pre-preg,
glass fibre pre-preg, film adhesives and surface products) and
consumable (vacuum bag) engineered kits for all major aerospace
programmes.
Jon Bridges, CEO of Velocity commented:
"This is a significant approval with important and positive
implications for Velocity and its ability to win contracts going
forward. The accreditation scope covers the structural material kit
cutting and material control and storage, and is recognised across
the aerospace industry and specifically mandated by many Primes. It
represents an important piece of the Velocity growth story and a
clear endorsement of our business model.
"Nadcap accreditation is the culmination of years of hard work
by our team who are to be thanked for their efforts in securing
this unique approval and for ensuring that Velocity, and its
business model, is recognised widely. The Nadcap accreditation
supplements our global Airbus approval for kitting and cutting and
Velocity continues to seek further, specific, approvals which will
complement our current suite."
Ends
CONTACT DETAILS:
Velocity c/o Camarco
Jon Bridges, CEO Tel: 020
Alan Kershaw, CFO 3757 4980
Tel: 020
finnCap (Nominated Adviser and Broker) 7220 0500
Adrian Hargrave / Scott Mathieson
/ Kate Bannatyne (Corporate Finance)
Tim Redfern (Corporate Broking)
Camarco (Financial PR) Tel: 020
Georgia Edmonds / Owen Roberts / 3757 4980
James Crothers
About Nadcap
Nadcap (National Aerospace and Defense Contractors Accreditation
Program) is an industry-managed approach to conformity assessment
of 'special processes' that brings together technical experts from
prime contractors, suppliers and representatives from government to
work together and establish requirements for approval.
The Nadcap program is administered by the Performance Review
Institute (PRI) and was established in 1990 by SAE International.
Nadcap's membership consists of "Prime Contractors" who coordinate
with aerospace accredited Suppliers to develop industry-wide audit
criteria for special processes and products. Through PRI, Nadcap
provides independent certification of manufacturing processes for
the industry. PRI has its headquarters in Warrendale, Pennsylvania
with branch offices for Nadcap located in London, Beijing, and
Nagoya
PRI schedules an audit and assigns an industry approved auditor
who conducts the audit using an industry agreed checklist. At the
end of the audit, any non-conformity issues will be raised through
a non-conformance report. PRI will administer and close out the
non-conformance reports with the Supplier. Upon completion PRI will
present the audit pack to a 'special process Task Group' made up of
members from industry who will review it and vote on its
acceptability for approval.
The Nadcap Subscribers include, but are not limited to, Airbus
Group, BAE Systems, The Boeing Company, Bombardier Inc., COMAC,
Embraer S.A., GE Aviation, General Dynamics, GKN Aerospace,
Honeywell Aerospace, Israel Aerospace Industries, Leonardo S.p.A.,
Lockheed Martin Corporation, Northrop Grumman Corporation,
Rolls-Royce, SAFRAN Group, Spirit AeroSystems, Textron Inc.,
Thales, Triumph Group Inc., United Technologies Corporation, and
Zodiac Aerospace
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite
material kits for the aerospace industry, delivering engineered
waste reduction solutions for its customers to build aircraft
components using less time and material. The Company's customers
include multi-national manufacturers of composite parts and
assemblies, who in turn deliver to the world's leading civil and
military aircraft manufacturers. The Airbus A320, A330, A350, A380,
Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787
and V22 Osprey are all constructed using parts manufactured from
Velocity's kits. The Company's business model reduces the operating
costs of preparing composite materials ahead of their usage in the
construction of an aircraft part and as such, its offering is
disposed to being self-financing for aircraft parts' manufacturers.
Velocity's services are seeing increased demand as the global
aircraft industry enters a more-for-less era. Velocity currently
has customers in the UK, Denmark, France and Belgium.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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