Renold, Manchester chain firm, wins Navy contract

Manchester industrial chain and power transmission firm Renold plc announced that Renold Couplings, part of its Torque Transmission division, has been awarded a contract for the supply of flexible couplings for the second batch of the UK Royal Navy’s Type 26 future frigate.

The contract is worth £11 million over the next eight years.

Renold shares rose about 5%.

The flexible couplings, which are an important part of a ship’s propulsion system, are part of the Renold ‘Hi-Tec Range’ of couplings which are supplied worldwide for large marine and industrial projects,” said Renold.

The contract award, although in line with expectations, represents a significant extension of the company’s existing Type 26 Batch 1 contact covering three ships.

“Flexible couplings for the first two ships have been delivered and manufacture of the third ship set is currently in progress.

“Manufacture of the five shipsets of couplings in Batch 2 is due to start in 2022 following the installation by the company of a new machining centre.

“The manufacturing programme is scheduled to complete in 2029.”

 Renold CEO Robert Purcell said: “The award of the Type 26 Batch 2 contract is reflective of the quality of the service and product we have provided in Batch 1 and continues to underpin the board’s confidence in our expectations for the year.

“It is a great opportunity for our Couplings business and demonstrates the rewards from our ongoing strategy of focusing on manufacturing and engineering excellence.”