Sedgefield-headquartered Kromek has secured its second-long term contract this year after landing a new US$2m deal.
Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, has been awarded a five-year contract, worth US$2m, by a new OEM customer which is a leading company in x-ray imaging systems.
Under the terms of the agreement, the customer will incorporate Kromek's technology into its baggage security screening systems to enhance detection of an extensive range of threat materials. Revenues from the agreement will commence in the current full year 2017/2018.
Dr Arnab Basu, chief executive officer of Kromek, said: "We are delighted to secure another long-term contract with a new OEM customer in the security screening market.
“This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats.
“We look forward to working with this new customer and developing a long-term relationship with them."
This is the second long-term contract Kromek has signed in the Security Screening Market in 2017, following the announcement in February 2017 of a five-year US$3.1m agreement with an existing US-based customer that is an emerging leader and global company in the homeland security marketplace.