January 15, 2007 04:21 PM Eastern Time
Swagelok Company Forms New Company to Commercialize Breakthrough Technology
Swagelok Company announced today it has formed a new wholly owned subsidiary to market and commercialize its breakthrough technology, Low-Temperature Colossal Supersaturation (LTCSS).
In December 2006, the privately held, Cleveland-based company received a $5.5 million Third Frontier Grant from the Ohio Department of Development in partnership with Case Western Reserve University to commercialize LTCSS. Earlier, in October 2006, Swagelok received the distinguished ASM International Engineering Materials Achievement Award for the LTCSS process.
LTCSS is a method for heat-treating austenitic stainless steels that enables large-scale carbon absorption, dramatically improving hardness and other performance characteristics.
“We are honored to receive the Third Frontier Grant in support of bringing this exciting new process to market. We are moving forward immediately to identify and contact the potential customers who will benefit most from the LTCSS technology,” said Art Anton, Swagelok president and CEO.
The new company will be headquartered in the Greater Cleveland area and will be named as part of the business and marketing plan.
John Buda, formerly Swagelok Company’s manager for strategic accounts, has been named president of the new company responsible for developing the LTCSS business. Reporting to him will be Dr. Sunniva Collins, an accomplished research metallurgist who has been involved with LTCSS since its inception at Swagelok and who will serve the new company as technology director.
About Swagelok Company
Headquartered in Solon, Ohio, U.S.A., Swagelok Company is a major developer and provider of fluid system solutions, including products, assemblies, and services for the research, instrumentation, pharmaceutical, oil and gas, power, petrochemical, alternative fuels, and semiconductor industries. Its manufacturing, research, technical support, and distribution facilities support a global network of more than 200 authorized sales and service centers in 54 countries. For more information about Swagelok, visit the company’s Web site at www.swagelok.com.
Contacts
Swagelok Company
Janice Drost, 440-349-5934
janice.drost@swagelok.com
or
Marcus Thomas LLC
Tim Bennett, 216-292-4700
tbennett@marcusthomasllc.com |