Engineering news
Sheffield Forgemasters has secured export defence contracts worth more than $30 million (£23.1 million).
The engineering specialist has confirmed orders for a sequence of castings for the US Ohio submarine replacement programme.
Work has already started and the first parts will complete in 2016 with another tranche of components anticipated to follow in 2017, providing work for the company’s melt shop, foundry and machine shops.
The project has been granted full approval by the UK government.
The company did not provide any further details, but said they will provide a much needed body of work for the company, which has been under economic pressure after the collapse of the offshore oil and gas market and in the wake of a global economic downturn.
Chief executive Dr Graham Honeyman said: “One of the company aims is to broaden our market reach for defence contracts, which we have unparalleled experience in servicing.
“We hope to build on the success of these orders as our teams search out greater opportunities for product diversification and services in a challenging global market.”
Dr Honeyman continued: “Our sales teams are currently working with customers on a variety of potential projects including those within the power generation, defence, civil nuclear, materials processing, offshore and tidal power industries. We are hopeful that there will be conversions for a number of these enquiries as we work through the next 12 months.
“We have confidence in the future of this business and we are fully committed to working through this transitionary period as we restructure and invest for greater efficiencies.
The orders mark one of Forgemasters' largest business wins for almost two years and follow a January announcement of a £1 million US contract for Ajax-Ceco press components.