Hardide strikes supply deal with Graco

Advanced surface coating technology provider Hardide announced on Monday that group company Hardide Coatings signed a new seven-year supply agreement with Graco of Minneapolis for the coating of various pump components.

The AIM-traded firm said the agreement followed on from an existing agreement which was due to expire in 2017.

It expected the deal to be worth in excess of $4m over the period, and helped to underpin the board's current year forecasts.

The majority of the orders would be fulfilled from the company's US production facility in Martinsville, Virginia, the board explained.

“We have built up an excellent working relationship with Graco over the years and continue to work with them to maximise the performance of different pump components for a number of end-user markets,” said CEO Philip Kirkham.

Graco, founded in 1926, was described by Hardide as a “world leader” in fluid handling systems, supplying technology and expertise for the management of fluids and coatings in both industrial and commercial applications.

It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials.

Graco is quoted on the New York Stock Exchange.