Velocity secure long term deal

Burnley-based aerospace products maker Velocity Composites has secured a long-term agreement with an existing customer that supplies aircraft manufacturers.

The new deal secures existing business worth £4.1m annually to Velocity, as well as adding a further £900,000 per year.

The undisclosed customer is US owned and supplies parts for A350, A320 and A330 aircraft, which Velocity said are “strategically important” to its business.

Jon Bridges, chief executive of Velocity, said: “This is a significant contract with an important customer for whom we have provided both structural and consumable kits for some time.

“It is the culmination of a lot of close cooperation from both parties to work together to remove inherent waste from the composites supply chain and provide their materials in a lean and efficient way. We look forward to working with the customer over the life of the programmes to add further value to their business.”