Clear to partly cloudy. Low near 65F. Winds light and variable..
Clear to partly cloudy. Low near 65F. Winds light and variable.
EUCLID, Ohio--(BUSINESS WIRE)--Aug 15, 2022--
PMT Group and subsidiaries are adding 30,000 sq ft of additional space to expand of its specialty metals production and fabrication facilities. This 30,00 sq ft includes an expansion of Terves’dissolvable magnesium extrusion facility, and 24,000 sq ft of new construction to house the expanded magnetic materials and lightweight sheet and foil production. The groundbreaking on August 18, 2022 is for the expansion of the extrusion facility, to be completed in 2022, while the new construction will be completed in 2023.
PMT Group’s subsidiary company, Terves, is the only fully integrated wrought magnesium producer in North America and will be furthering its leadership in this space by installing the Vertical Direct Chill Casting system for magnesium alloy billets, which will be the first such system to be installed in North America in this century. With this installation, Terves which is already a market leader in dissolvable magnesium, will be entering the lightweighting market by supplying magnesium extrusions and castings to automotive, aerospace, defense and other companies that care about sustainability and have ambitious carbon neutral goals. Magnesium is the lightest structural material and implementing sustainable lightweight materials and addressing design concepts in a circular economy is one of the most important issues facing OEMs today.
Additionally, PMT Group’s subsidiary company, Magnet Energy, is making strides towards developing and manufacturing advanced nanoengineered magnetic and insulator materials that enable lower cost, more efficient, and higher power density electric motors and controllers. Being the only US based magnetic material producer, while eliminating sensitivity to rare earth price and supply fluctuations; Magnet Energy is in a unique position to support the electrification of transportation and the development of the smart grid. The 24,000 sq ft expansion will significantly accelerate the commercialization of Made-in-USA rare-earth free magnets.
PMT Group is a nationally recognized nanotechnology, advanced materials and electrification technology incubator that has led the creation of 8 spinout companies, including two exits. Its current portfolio companies include, Powdermet Inc., Terves Inc., Hybrid Materials LLC, Cratus LLC, Magnet Energy LLC and CermeTech LLC.
Terves is the technology and cost leader in the development, manufacturing and sale of Engineered Response ™ smart materials for the oil and gas industry. Terves is the leading manufacturer of dissolvable metals and dissolvable elastomers that are used for making frac balls, plugs, slips, seals and several other components used in oil and gas well completion and production; and have been used for completing tens of thousands of stages across the globe.
Magnet Energy develops and manufactures advanced nanoengineered magnetic and insulator materials that enable lower cost, more efficient, and higher power density electric motors and controllers. Being the only US based magnetic material producer, while eliminating sensitivity to rare earth price and supply fluctuations; Magnet Energy is in a unique position to support the electrification of transportation and the development of the smart grid.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220815005153/en/
KEYWORD: OHIO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT MACHINE TOOLS, METALWORKING & METALLURGY OIL/GAS ENERGY RETAIL TRUCKING RAIL ENGINEERING AUTOMOTIVE MANUFACTURING TRANSPORT AEROSPACE MANUFACTURING
http://www.businesswire.com/news/home/20220815005153/en
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