LONDON (ShareCast) - (Sharecast News) - Carbon fibre-reinforced ceramic brake disc manufacturer Surface Transforms has concluded the final contractual terms on the contract award with a client named 'German OEM 5', it announced on Tuesday.
The AIM-traded firm said it had agreed and accepted a signed multi-year supply agreement and a separate price agreement with the unnamed customer.

It said the supply agreement also referred to the supply of spares, albeit without any volume or revenue commitment from either party.

While the term of the agreements had been extended to now run from 1 January 2019 to 31 December 2029, allowing for post-production spares supply, the OEM series production details were unchanged from what Surface Transforms had previously advised.

In addition, the board said discussions were continuing with German OEM 5 on other cars in its portfolio.

"The conclusion of this contract is another important milestone in the progress of Surface Transforms," said chief executive officer Kevin Johnson.

"We are now focussed on bringing our carbon ceramic disc into volume production with OEM 5 in October 2021, a significant customer reference.

"And of course, in the meantime, working with OEM 5 to extend our supply onto other cars in their portfolio."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE