LEHIGH VALLEY, Pa., Nov. 1, 2012 /PRNewswire/ -- Air Products (NYSE: APD) has licensed its proprietary cryogenic machining technology to MAG IAS, LLC, a leading machine tool manufacturer. The technology license agreement allows MAG to utilize Air Products' patented cryogen delivery technology and proprietary cryomachining intellectual property—which are designed to mitigate heat generation during the cutting operation thereby enhancing tool life and increasing cutting speeds—along with MAG's Minimum Quantity Cryogenics (MQC) technology.
"The technology license agreement grants global rights for the MAG family of branded equipment," said Jeffrey Knopf, manager, Licensing and Technology Transfer at Air Products. "Air Products has retained the registered trade name 'ICEFLY' and will continue to market ICEFLY® Cryogenic Machining Technology, a technology that enables a controlled jet of liquid nitrogen (LIN) to an application point. Air Products will also continue to support existing cryogenic machining customers and explore new licensing opportunities outside of the MAG agreement."
Air Products' ICEFLY Cryogenic Machining Technology is currently used in the metals machining industry, where it supplies cooling to the cutting tool used to machine difficult materials, such as hardened steels and irons, thermal spray coatings, weld overlays, metal matrix composites, and powdered metals. By replacing dry machining or standard emulsion coolants with a small stream of LIN, ICEFLY Cryogenic Machining Technology can more effectively cool the cutting insert to enable longer tool life and higher cutting speeds, as well as provide a completely clean work environment. The technology can also be readily adapted to a broad range of automated or semi-automated machining operations. To view a brief video of ICEFLY Cryogenic Machining Technology, visit Air Products' online News Center at www.airproducts.com/company/news-center/2012/10/1101-air-products-licenses-cryogenic-machining-technology.aspx.
An industry leader in cryogenic applications, Air Products has developed extensive knowledge and experience around low-flow cryogenic solutions for various metals processing applications. For more information about the company's ICEFLY Cryogenic Machining Technology, visit www.airproducts.com/icefly.
MAG is a leading machine tool and systems company serving the durable-goods industry worldwide with a comprehensive line of equipment and technologies, including process development, automated assembly, turning, milling, automotive powertrain production, composites processing, maintenance, automation and software, and core components. Key industrial markets served by these technologies include aerospace, automotive and truck, heavy equipment, oil and gas, rail, solar energy, wind turbine production, and general machining. With about 3500 employees at 35 facilities in the U.S., Germany, France, China, India, Korea, Russia, the U.K., Switzerland, and Hungary, MAG generated revenue of $1.3 billion in 2011. For more information, visit www.mag-ias.com/en/home.html.
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. More than 20,000 employees in over 50 countries supply innovative 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 2012, Air Products had sales approaching $10 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, 2011.
SOURCE Air Products