Kromek awarded seven-year supply deal by US-based OEM
By Josh White
Date: Tuesday 26 Oct 2021
(Sharecast News) - Medical, security and nuclear detection technology company Kromek has been awarded a seven-year supply agreement by a US-based, "sector-leading" industrial original equipment manufacturer (OEM), with a global customer base.
The AIM-traded firm said the agreement for its first-generation contaminant detection solution had a value of up to $17m over the life of the contract, and was expected to start in the current financial year.
It said the contract was awarded following the successful progression of a two-year development program announced on 2 November last year.
Under the programme, Kromek provided a CZT-based detector solution for incorporation into the OEM's systems for identifying contaminants during production processes, for the purpose of product quality inspection.
"We are delighted at the success of our collaboration with our OEM customer who has substantial global operations and market share in this sector," said chief executive officer Arnab Basu.
"Our customer is dedicated to introducing best-of-breed solutions in their next-generation products to ensure we can live healthier and safer lives.
"We anticipate developing further products for this customer to support their ambitions."
At 1346 BST, shares in Kromek Group were up 5.26% at 16p.
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