By Anthony O. Goriainoff
TP Group PLC said Thursday that it has signed a two-year collaboration agreement with Collins Aerospace Mission Systems--part of Raytheon Technologies Corp.--to work on joint power and atmosphere management opportunities for the global maritime market.
The U.K. engineering company said that under the agreement it will work on submarine and unmanned underwater vehicles, and that there will be further opportunities for specialist electronics in the wider U.S. defense market.
Collins Aerospace will lead the joint activity within the U.S., while TP Group will lead on activities for the rest of the world, it added.
"We have been working together for many years in certain atmosphere management programs and this offers an opportunity to work in new programs and applications beyond this base and further broaden our reach as we pursue our international growth plans," Chief Executive Phil Cartmell says.
Shares at 0810 GMT were up 0.05 pence, or 0.9%, at 5.85 pence.
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(END) Dow Jones Newswires