Kromek Group PLC (AIM:KMK) 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 agreement for Kromek's first-generation contaminant detection solution has a value of up to US$17 million over the life of the contract and is expected to commence in the current financial year.
The supplier of detection technology products said the contract was awarded following the successful progression of a two-year development programme announced a year ago.
"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,” said Dr Arnab Basu, the chief executive officer of Kromek.
Shares in Kromek were up 3.6% at 15.75p in the first hour of trading.