British industrial materials group Morgan Crucible has entered into a joint venture with US-based Force Protection to receive an £84m contract to supply 97 Wolfhound tactical support vehicles to the British Ministry of Defence.
The new company, Integrated Survivability Technologies (IST), consists of a 50:50 joint venture formed by its vehicle armour maker unit NP Aerospace and Force Protection.
The contract will provide NP Aerospace with more than £30m in revenue, Morgan, whose carbon and ceramic components are used to make products from body armour to hip replacements.
Force Protection designs, develops and makes ballistic- and blast-protected wheeled vehicles, deployed by the United States military.
The company has reduced its exposure to the automotive and semi-conductor sectors and focuses on the defence, aerospace and medical markets, which it sees as having good potential.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData