County Durham radiation technology pioneers Kromek has had a customer almost doubled a deal first signed two years ago.
The Sedgefield busines s is a global supplier of detection technology for the medical, security screening and nuclear markets, and its latest contract involves expansion of an order with a customer in the security screening market.
The firm signed a five-year contract with the unnamed customer – its first long-term deal in the security screening sector – which was originally set to be worth a minimum of $3.1m over the time period.
Now, however, the client has expanded the contract, taking the value of the contract to a minimum of $5.8m over the period, with the additional $2.7m expected to be recognised over the next two years.
Kromek started delivery of the deal back in 2017, and orders were carried out as expected for the first two years, but order quantities have increased for the next two years.
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The contract completes a hattrick of significant deals so far this year, worth at least $65.2m.
Arnab Basu, chief executive officer of Kromek, said: “This was our first long-term contract in the security screening market and we are pleased to see the value now increase by almost 90%. This latest order expansion is an endorsement of the strength of our detection solution and credentials as a high-quality product supplier.
“We are gaining traction across all our markets as our customers continue to recognise the value that our technology adds to their products.
“This customer, like many others, is seeing increasing market adoption of its next-generation equipment that incorporates our detection solutions, and so we will continue to benefit from this growing momentum.”
The deal is the third significant win for the firm so far this year, coming two months after it was awarded a contract by a new manufacturing customer to supply CZT detectors for use in the nuclear security market, worth at least $1.4m over the next three years, as well as a seven-year deal with an existing client in the medical imaging sector worth $58.1m.
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