- Major four-year agreement worth $37.5mn
- Business now sustainably profitable
- Share price rallies 27 per cent
Sedgefield-based Kromek (KMK:6.75p) has signed a company transformational agreement with Siemens Medical Solutions that has propelled the radiation detection technology specialist into sustainable profit and significantly strengthened its balance sheet.
Under the four-year agreement, Kromek will transfer 15 of its 174 furnaces for cadmium zinc telluride (CZT) production to Siemens Medical. The company will also provide the German group with all know-how, IP and related services (licensed on a non-exclusive basis) for next-generation single-photon emission CZT-based SPECT-detector applications in advanced medical imaging.