Dynasil's Hilger Crystals Subsidiary Enters into Supply Arrangement
August 24, 2015
NEWTON, Mass. — Dynasil Corporation of America announced that Dynasil's UK subsidiary, Hilger Crystals, Ltd., entered into a three year arrangement to supply high-quality crystal components to a leading global supplier of security inspection equipment utilizing X-ray and gamma-ray imaging.
"We are very happy to announce this agreement showcasing Hilger's expertise in crystal arrays and fabrication," said Peter Sulick, Dynasil's chairman of the board, chief executive officer and president.
"We believe that this new relationship may represent a significant growth opportunity for Hilger," said Jim Telfer, managing director of Hilger Crystals. "Being selected by this world-class company is a testament to the strength of our expertise in crystal technology and our development team," continued Mr. Telfer. "Along with improvements in our physical plant, including new materials processing equipment, we will be increasing our staffing requirements as we scale up for this product."
Telfer added: "While there are no contractual minimum obligations in the supply agreement, we believe, based on our current discussions with the customer, that we may receive orders for up to $6.0 million in product over the next twelve months and potentially $20.0 million over the three year term of the agreement."
The anticipated business activity from this agreement will depend on actual customer demand, the timing of purchase orders submitted by the customer and our ability to satisfy those orders and otherwise perform pursuant to the terms of the supply agreement.