Agreement to develop prototype IVT for FLTs
Torotrak PLC
27 June 2007
Torotrak is pleased to announce that, following an initial investigative programme (referred to in the preliminary results statement on 15 May 2007) with a leading manufacturer of vehicles for the materials handling sector, it has now signed an agreement with one of the world's foremost fork-lift truck
manufacturers to design and supply a prototype vehicle equipped with Torotrak's Infinitely Variable Transmission ('IVT') to be used for testing and evaluation.
This initial programme valued at approximately £450,000 will commence immediately and will complete during 2008.
The prototype IVT fork-lift truck will demonstrate the technical capability and the commercial advantages of Torotrak's technology within the materials handling sector. It is expected to deliver an efficient, smooth and highly controllable driving experience for the customer.
Dick Elsy, CEO Torotrak plc said: 'We are delighted to have secured this prestigious new customer in the materials handling industry, which is a new sector for Torotrak. The development of this prototype IVT for one the world's leading fork-lift truck manufacturers endorses the versatility and flexibility of Torotrak's technology and our strategy to focus on specific sectors where our technology can provide benefits over the traditional systems. This is another example of the growing product and market portfolio which now characterises our business and which supports our growth plans'.
