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Pressure Technologies secures contract with U.S. defense contractor; shares surge

Published 28/01/2025, 09:28
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Investing.com -- Pressure Technologies, a specialist engineering group based in London, announced Tuesday that it has secured a contract from a U.S. defense contractor.

The contract was awarded to Chesterfield Special Cylinders, a subsidiary of Pressure Technologies, to supply safety-critical pressure vessels to General Dynamics (NYSE:GD) Electric Boat (GDEB).

GDEB is a key player in the U.S. defense sector, responsible for the design, construction, and lifecycle support of U.S. Navy submarines.

The contract includes supplier qualification and the delivery of pressure vessels, with deliveries scheduled for the first quarter of 2026. This contract solidifies the overseas defense order book for Chesterfield Special Cylinders in fiscal years 2025 and 2026.

The company did not disclose the financial terms of the agreement.

Following the announcement of the contract, shares of Pressure Technologies rose by 3 pence, or 8.45%, to 38.50 pence.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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