Curated News
By: NewsRamp Editorial Staff
May 07, 2024
Norsk Titanium Secures Direct Supply Agreement with Boeing, Achieves Strong Growth Milestones
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- Norsk Titanium solidifies a direct supplier relationship with Boeing, positioning as a Tier-1 supplier and expecting to provide hundreds of structural components.
- Norsk Titanium signed a substantial agreement to directly supply parts to Boeing, with 21 parts in serial production across multiple customers.
- Norsk Titanium's expansion strategy includes securing a Master Supply Agreement with Airbus Aerostructures, promising growth, and contributing to the aerospace industry's success and leadership.
- Norsk Titanium's operational and financial update reflects promising growth, with anticipated expansions forecasted to elevate revenue to US$50 million by the end of 2024.
Impact - Why it Matters
The agreement between Norsk Titanium and Boeing, as well as the company's growth projections and financial updates, demonstrate its significant impact on the aerospace industry. This news indicates the potential for job creation and economic growth, as well as the company's continued success and leadership in the industry.
Summary
Norsk Titanium Vice President, Commercial Nick Mayer announced a significant agreement with The Boeing Company, solidifying a direct supplier relationship. The deal positions Norsk Titanium as a Tier-1 supplier within Boeing's procurement system, with direct deliveries to Boeing expected later this year. The company also secured a Master Supply Agreement with Airbus Aerostructures and is forecasting substantial revenue growth. Norsk Titanium completed a private placement of $25 million to support its expansion and development.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Norsk Titanium Secures Direct Supply Agreement with Boeing, Achieves Strong Growth Milestones
