Kromek PLC (LON:KMK) shares jumped on Wednesday as the firm joined the fight to save the worst affected victims of the coronavirus (COVID-19) pandemic by turning its manufacturing efforts over to producing medical ventilators.
The detection technology group said it will make under licence machinery developed by the Japanese firm Metran.
Work will start before the end of the month and Kromek said it expects to have 1,000 units available within eight weeks and 2,000 by 12 weeks.
The ventilators will be sold in the UK and globally.
In a statement, Dr Arnab Basu, chief executive of the County Durham engineer said his team worked through the British Embassy in Japan with help from the Department of International Trade to secure the technology transfer.
“By combining our existing manufacturing skills with Metran's proven technology, we expect to commence the manufacture of these robust ventilators from next week and deliver in a rapid manner,” he added.
“Any procurement of this equipment from Kromek is expected to have the additional benefit of safeguarding and creating employment in the North East as well as contributing to this region's fight against COVID-19. We look forward to the ongoing relationship with Metran."
In late morning trading, Kromek shares were 19.7% higher at 22p.
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