Velocity Composites PLC Service Offering Partnership with Wesco
12 June 2019 - 4:00PM
RNS Non-Regulatory
TIDMVEL
Velocity Composites PLC
12 June 2019
12 June 2019
VELOCITY COMPOSITES PLC
("Velocity", the "Company" or the "Group")
Service Offering Partnership with Wesco Aircraft Holdings,
Inc.
Velocity Composites plc, the leading supplier of advanced
composite material kits, is delighted to announce that it has
partnered with Wesco Aircraft Holdings, Inc. ("Wesco"), the world's
leading independent distributor and provider of comprehensive
supply chain management services to the global aerospace industry,
to support the expansion of Wesco's product offering into composite
management services.
This service offering, Wesco Composite Management Services, will
initially be introduced in North America, and will utilise Wesco's
leading supply chain management expertise and Velocity's innovative
composite nesting, kitting and waste reduction services.
Jon Bridges Interim Chief Executive Officer and Chief Technology
Officer of Velocity said:
"As aircraft original equipment manufacturers demand higher
productivity and production rates, this exciting service provision
will transform how large, multi-national aerospace manufacturers
procure and utilise composite raw materials and realise the
opportunities of the industry, as they strive to remove waste and
cost from their manufacturing processes.
"Our collaboration with Wesco Aircraft demonstrates how two
complementary organisations can work together to bring a combined
service offering to market in a way which delivers further benefits
to customers and allows for a faster, more efficient roll out. The
partnership will draw upon the strengths of both Wesco and Velocity
by utilising our combined technologies as well as our existing
customer relationships.
"We are excited to work with the team at Wesco to help potential
new customers meet the challenges of waste reduction, rate
readiness, process standardisation and stock management. We look
forward to the partnership growing as Wesco Composite Management
Services delivers customer benefits across North America, a new
market for Velocity."
Wesco and Velocity will be exhibiting at the Paris Air Show, and
further information can be found at stand Hall 4, Stand D208.
Ends
CONTACT DETAILS:
Velocity c/o Camarco
Brian Tenner, Senior Independent Director Tel: 020 3757 4980
finnCap (Nominated Adviser and Broker) Tel: 020 7220 0500
Ed Frisby / Scott Mathieson / Hannah Boros
(Corporate Finance)
Tim Redfern (ECM)
Camarco (Financial PR) Tel: 020 3757 4980
Ed Gascoigne Pees / James Crothers
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 and Continental Europe.
For further information please visit:
http://www.velocity-composites.com/
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END
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