The company has also received a multi-year LTS contract from a major clinical MRI manufacturer.

BEST concludes that the latest multi-year LTS wire contract brings the total long-term LTS order value received over the last several months for clinical MRI magnets to more than $110m, which is expected to be recognized as revenue during 2012, 2013 and 2014.

BEST president and CEO Burkhard Prause said they are very pleased with the positive effect these contracts are having on its multi-year backlog position.