AIR PRODUCTS & CHEMICALS, INC. August 25, 2014 Lehigh Valley, Pa.
Air Products (NYSE:APD) has licensed its proprietary cryogenic machining technology to Advanced Research Systems, Inc. (ARS), a leading manufacturer of industrial and research cryogenic equipment, including ARS' globally renowned low-temperature cryostats. The technology license agreement gives ARS extensive rights to Air Products' patented ICEFLY® Cryogenic Machining Technology, which has been applied broadly to the machining of metals and polymer materials.
Included in the agreement is the transfer of ICEFLY® cryogen delivery equipment design information and cryogenic machining know-how developed by Air Products. ICEFLY cryogen delivery equipment is compact, easily retrofitted to automated machine tools and machining centers, and can deliver either a consistent, saturated stream of liquid nitrogen for metals machining or a preset low-temperature gaseous nitrogen stream for polymer machining. When used for metals machining, the vaporization of liquid nitrogen targeted at the cutting tool provides efficient cooling during the cutting operation, thereby enhancing tool life, enabling increased cutting speeds and feeds, and displacing the use of conventional coolants. When used for polymer machining, especially for applications within the medical segment where the use of traditional coolants may be undesirable or unacceptable, the equipment can deliver a predetermined low-temperature gaseous nitrogen stream to minimize and, in many cases, eliminate burrs on the work piece.
"We are confident that ARS has the engineering and cryogenic equipment fabrication capabilities to successfully apply, offer, and support ICEFLY Cryogenic Machining Technology in the machining marketplace," said Jeffrey Knopf, manager, Licensing and Technology Transfer at Air Products. "We also welcome the opportunity to provide ARS customers with our safe and reliable liquid nitrogen supply. As a global industrial gas supplier and recognized leader in cryogenic technology applications, Air Products has the experience and know-how to help ARS customers determine the most efficient and economical nitrogen supply option to meet their specific needs."
"We are pleased to offer ICEFLY Cryogenic Machining Technology as a licensee of Air Products and look forward to building on their applications and equipment design experience," said Ravi Bains, president of ARS. Bains adds, "Collaboration between a technology and operations-focused company such as Air Products and a mid-size specialty cryogenics business such as ARS is an effective model to commercialize the cryomachining solution to the machining segment."
ARS will offer applications expertise and market ICEFLY cryogen delivery equipment under a newly formed subsidiary called Industrial Cryogenic Technologies (ICT), a company that offers both ICEFLY equipment and turnkey offerings to integrate the cryomachining solution.
About Advanced Research Systems / Industrial Cryogenic Technologies
Founded in 1986 and with cryogenic engineering and manufacturing skills in electronics, welding, controls, design, assembly and testing down to 4°K, ARS (www.arscryo.com) has grown to become a world class manufacturer and supplier of cryogenic equipment. Industrial Cryogenic Technologies, LLC (ICT) (www.industrialcryotech.com) is a wholly-owned subsidiary of ARS and is co-located at their 17,000-square-foot headquarters in Macungie, Pa. With the engineering and manufacturing support of ARS in conjunction with the company's global sales and service capabilities, ICT was established to offer and apply cryogenic machining solutions and technology for both metals and polymer machining.
About Air Products
Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. Recognized as one of the world's most innovative companies by both Thomson Reuters and Forbes magazine, more than 21,000 employees in over 50 countries supply effective solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2013, Air Products had sales of $10.2 billion. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2013.
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