$100M DEAL IS A HIGH VELOCITY MOVE
Innovative Lancashire aerospace business Velocity Composites has landed on the world stage. The company announced its entry into the US market in December with a deal expected to be worth more than $100m in revenue over five years.
The Burnley based composite material kits supplier has signed the landmark agreement with GKN Aerospace, the world’s leading multi- technology tier 1 aerospace supplier.
And in a further move to support its extension into international markets Velocity has announced the development of its first site outside the UK – a new advanced manufacturing plant near to GKN’s operation in Alabama.
Work on the new facility, which will build and supply all the composite material kits for GKN’s aerostructure, is at an advanced stage. Velocity plans to train and employ up to 30 local staff,
supported initially by workers from the UK. Volume production is expected to begin in the first quarter of 2023.
The US is the largest aerospace manufacturing market in the world. Andy Beaden, chairman of Velocity Composites, said: “This is a major milestone as we make a permanent entry into the US market and expand our long-standing relationship with GKN.
“During the pandemic, we worked hard to deepen our relationships with clients and further invest in our technology to prepare for the recovery.
“We believe this agreement will be part of a long-term positive trend from which Velocity will benefit, as customers look to recover from the pandemic and achieve new and improved ways of working, with a key focus on sustainability, as production rates increase to pre-pandemic levels.
AUSSIE RULES CHANGE BENEFITS CHEESEMAKER
Traditional Lancashire cheesemaker Mrs Kirkham’s is looking to take advantage of new rules which allow for the import of raw milk cheeses into Australia.
The family business, established in 1978 and based near Goosnargh, has had considerable domestic success over the years and its products can be found in Harrods, the iconic luxury department store.
They were also included in the first batch of British raw milk cheese sent to Australia following a new certification arrangement between the two governments in July.
The agreement will also see tariffs on UK exports of cheese, currently up to 20 per cent, fully eliminated after five years, giving UK manufacturers further opportunities in the market.
UK food and drink exports to Australia have more than doubled in the last decade and the new trade deal is expected to increase trade with Australia by 53 per cent, boosting the economy by £2.3bn.
Andrew Bowie, the government’s exports minister, said: “Across the globe, the UK is renowned for its high standards in safety and quality so I am excited that businesses across the dairy sector can freely share their produce with Australian consumers to enjoy.”
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“As a company with its roots firmly in the north of England, this agreement is a significant endorsement of both Velocity’s and the region’s manufacturing expertise from one of the world’s leading aerospace suppliers. In the future we look forward to working with more US-based customers.”
The agreement builds on Velocity’s long- standing relationship with GKN Aerospace which started in 2015 and includes existing contracts at three of GKN Aerospace’s UK sites, including Bristol, Luton, and the Isle of Wight.
Velocity Composites customers also include Airbus, Boeing and Safran. The company says it sees significant potential for expansion, both at home and overseas, including into new market areas such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.
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