Here is an article that gives some insight.
globenewswire.com
FITCHBURG, Mass., Feb. 27, 2018 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (the “Company”) (NYSE American:MICR) is pleased to announce that its wholly owned subsidiary Micron Products, Inc. (“Micron”) with offices in Fitchburg, MA has entered into a multi-year agreement with its largest customer (“Customer”) to supply a variety of their patented components and assemblies which are fabricated by Micron.
Under this agreement, Micron is the exclusive manufacturer of a variety of injection molded products which are sold by the Customer worldwide. The supply and manufacturing agreement sets forth the general terms and conditions, including product quality, product changes, deliveries and pricing pursuant to which Micron will exclusively manufacture and sell required product and tooling to its Customer against purchase orders. The agreement provides for initial order quantities, volume-based pricing and rebates as well as rolling forecasts. Micron has received purchase orders for $3.4 million for the first year of production with the expectation that shipments will be at least $3.0 million to $4.0 million for subsequent years of the multi-year agreement. The Company expects production under the agreement to commence in the first quarter of 2018.
“After more than 5 years of close collaboration, we are pleased to be a part of our Customer’s success in developing and selling these components. Micron has developed a number of highly automated and accurate manufacturing cells which can produce millions of parts per day,” commented Salvatore Emma, Micron’s President and CEO. “Micron and its Customer share in the automation investment to keep costs competitive while improving quality and delivery reliability.”
About Micron Solutions Inc.
Micron Solutions Inc., through its wholly-owned subsidiary, Micron Products, Inc. (collectively, the “Company”), is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining. |
