Kromek awarded five-year contract for x-ray technology
Radiation detection technology company Kromek announced on Monday that it has been awarded a five-year contract, worth $2.0m over the period, by an unnamed new OEM customer which it described as a “leading company” in x-ray imaging systems.
The AIM-traded firm said that under the terms of the agreement, the customer would incorporate Kromek's technology into its baggage security screening systems to enhance detection of an “extensive range” of threat materials.
Revenues from the agreement would commence in the current full year.
“We are delighted to secure another long-term contract with a new OEM customer in the security screening market,” said Kromek chief executive Dr Arnab Basu.
“This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats.
“We look forward to working with this new customer and developing a long-term relationship with them.”
Kromek’s board said it was the second long-term contract the company had signed in the security screening market in 2017, following the announcement in February of a five-year $3.1m agreement with an existing US-based customer.
At the time, it described that customer as an “emerging leader” and “global company” in the homeland security marketplace.