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Firth Rixson has clinched a 10 year deal, worth more than $300 million (£182 million) to supply Honeywell Aerospace.

The Sheffield-based leading manufacturer of hi-tech forgings, superalloy components and seamless rings will supply Honeywell sites from plants in the US and Eastern Europe and says the deal could lead to future growth for both companies.

Firth Rixson’s chief executive, David Mortimer, said: “This agreement achieves revenue stabilisation for Firth Rixson in an aero market segment that is of great importance to our strategic goals.

“Further, it enhances a robust business base in our ring division operating units. We have again demonstrated our ability to support our customers’ global sourcing initiatives, and look forward to the next decade of additional growth opportunity with Honeywell.”

Firth Rixson says the deal is underpinned by other new orders that include securing an increased share in the market for rolled rings for the aerospace sector.

It follows on from the announcement earlier this year that Firth Rixson had secured a long-term agreement to supply Rolls Royce.