Quickstep is one of the few stocks to rise on a falling ASX today as the carbon fibre parts manufacturer announced a global automotive parts deal.
The company says an order, to produce a up to 1,000 lightweight carbon fibre engine compartment parts, is expected within weeks from a leading global car manufacturer.
Managing director David Marino the company will manufacture carbon fibre components in a comparatively short time frame.
“This demonstrates our serial production capabilities and represents early success for the first phase of our automotive strategy,” he says.
The company is looking at small volume automotive projects, of about 500 to 2,000 parts a year, as it builds capability to take on larger projects.
Quickstep has two patented technologies for manufacturing of composite material components.
Its shares are up 7.5% to $0.185.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.