Plastics Capital plc (AIM: PLA), the niche plastics products group, announces new contract wins worth approximately £0.5m on an annualised basis.
Two design projects for plastic ball bearing assemblies have been successfully converted into orders. The first is for a leading US security camera manufacturer and the other is for an Israeli manufacturer of swimming pool equipment. It is expected that these projects will deliver incremental annualised sales of approximately £0.25m.
In addition, an important project for a major Korean manufacturer of security cameras is being accelerated for launch by the end of this calendar year and should contribute approximately £0.25m of sales on an annualised basis.
Commenting, Faisal Rahmatallah, Executive Chairman, said:
“Our OEM customers are continuing to invest in new products and product enhancements despite the poor macroeconomic backdrop, so generating additional demand for the specialist bearing assemblies that we design and manufacture.”