CRA.L Share News (CRA)

Engineering group Corac has entered a ten-year agreement with Spirax-Sarco, a steam system management and peristaltic pumping company, to provide its patented micro-turbines and compressors to the latter.Corac products will be integrated into Spirax's packaged steam products with a £0.5m per annum royalty paid for its equipment sold. The said amount is expected to rise as the products are adopted and sales grow.Chief executive Phil Cartmell said: "The innovative approach and dedication from both Corac and Spirax has enabled the team to deliver a highly attractive commercial opportunity that delivers tangible efficiency and cost benefits for the end customer."We look forward to working alongside Spirax as they seek to deploy these products across their customer base."Shares were up 1.76% to 4.32p on Friday at 13:14.