Meggitt has been selected by Snecma, part of the Safran Group, to provide a package of sensor products for engines that power the Boeing 737MAX.
The group, which provides high performance components and sub-systems for the aerospace, defence and energy markets, said that Snecma (through a 50/50 joint company with GE) has already secured orders for LEAP-1B engines to power over 1,000 aircraft.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As part of the contract, Meggitt is to supply a suite of sensing products to measure vibration, shaft speed, critical temperatures and oil level.
While the company has already won engine sensor packages on the LEAP-1A and 1C in January 2012, this new contract win takes the value of Meggitt's sensors on LEAP family engines to some $500m over the lifetime of the Boeing, Airbus (A320 neo) and COMAC (C919) aircraft.
"This contract underscores our belief that delivery and quality improvements will drive the group's long-term organic growth potential," according to Meggitt's Chief Executive Terry Twigger.
"We are delighted that Snecma has demonstrated continued confidence in our business and look forward to strengthening our relationship further."
-
Inheritance tax pension reforms will delay payments to grieving families and the taxmanThe government is pressing ahead with plans to charge inheritance tax on pensions but there are warnings that it will be harder for executors to administer an estate and pay HMRC
-
More than a million pensioners set to be hit by tax on savings accountsA combination of higher interest rates and frozen tax thresholds is dragging more people into paying tax on their cash savings
