Porvair Signs Agreement With POSCO Worth $10-$15 Million Over 3 Years
November 23 2011 - 4:29AM
Dow Jones News
Filtration technology firm Porvair PLC (PRV.LN) Wednesday said
it has signed an agreement with a division of steel maker POSCO
(PKX) to provide equipment to a coal-to-substitute natural gas
project in South Korea, adding that the deal will generate revenue
of $10-$15 million over the next three years.
Porvair said it will start manufacturing early in 2012, with
first deliveries due at the end of the year and subsequent
deliveries stretching out through 2013.
"This work with POSCO will go some way to underpinning our order
position over the next two years," said Chief Executive Ben
Stocks.
The Gwangyang project in South Korea will produce 500,000 tons
of substitute natural gas when full operational. Porvair said it
will become POSCO's preferred supplier for future substitute
natural gas facilities.
At 0824 GMT, Porvair's shares traded up 2.5 pence, or 2.8%, at
92 pence.
-By Peter Evans, Dow Jones Newswires; 44-20-7842-9308;
peter.evans@dowjones.com
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