Solid State secures $2.3m supply agreement with UK defence company
AIM-listed Solid State said on Wednesday that its distribution division, Solid State Supplies, has been awarded a $3.2m long-term supply agreement with the UK’s "leading" international defence, aerospace and security company.
The award follows the recent announcement of a distribution franchise for VPT, a leading global provider of power conversion solutions for the rapid deployment of critical power systems in avionics, military and space applications.
The award is for the supply of military grade power supplies over a period of three years with deliveries expected to commence in the latter part of the current calendar year.
John Macmichael, Managing Director of Solid State Supplies, said: "We were very pleased to win the VPT franchise earlier this year believing that we could further develop its potential in the niche military and aerospace markets.
"This contract with this significant defence, aerospace and security company demonstrates our ability to increase sales for manufacturers wanting to target specialist end user markets."
At 1255 BST, the shares were up 3.8% to 327p.