– UK, Burnley – Velocity Composites PLC (LON:VEL), the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announced that following the appointment of Andy Beaden and Rob Soen as independent non-executive directors, the Board has appointed Andy Beaden as non-executive Chairman of the Company.
In addition, Jon Bridges (Acting CEO and co-founder of Velocity) has been re-appointed to the Board as an Executive Director with immediate effect.
These changes mean the Board, as reconstituted, is able to move forward with a clear management structure and with the necessary skills to meet its obligations to the Company and staff, the shareholders and to other Velocity stakeholders. The Board also intends to seek to appoint a third non-executive director and additional executive directors in due course.
Andy Beaden, the Chairman, commented: “I am delighted to have been appointed as non-executive chairman in this exciting next stage of the Company’s growth and development. We have asked Jon Bridges to join the Board, as it was clear to myself and Rob Soen that Jon’s unique experience and position in the business provides critical insight and skills to the Board, which are essential for Velocity, as we drive the business, which has so many business development opportunities, forward. Jon has been fundamental in the recent tie-up with Wesco, which has the potential to be transformative for the Company, in other customer relationships and in the Company’s plans to expand our operations in the U.S. and Continental Europe.
It is important that Executive Management is represented at Board level from the start of this new phase in the Company’s history. Rob Soen’s appointment as a non-executive director also significantly strengthens the Board’s industry expertise. Rob brings a wealth of experience in the composite aerospace sector and in supply chain management, which will benefit both Velocity and its investors.”
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry disrupting the composites supply chain to deliver engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company’s customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world’s leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity’s kits.
In addition, the Company has entered into a partnership with Wesco Aircraft Holdings, Inc., the world’s leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry, pursuant to which Velocity Composites will support the expansion of Wesco’s product offering into composite management services. This service offering, Wesco Composite Management Services, will initially be introduced in North America and will utilise Wesco’s leading supply chain management expertise and Velocity’s innovative composite nesting, kitting and waste reduction services.
The Company’s business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts’ manufacturers. Velocity’s services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK and Continental Europe.
For more information: https://www.velocity-composites.com
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