HUNTSVILLE, Ala. and ULM, Germany, Jan. 8 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. ("Wolverine") and The Wieland Group ("Wieland") announced the formation of Wolverine/Wieland Heat Transfer Technologies, LLC ("WWHTT"), a joint venture of Wolverine and Wieland which will develop innovative and energy efficient heat transfer technology.
The new company, with facilities in Huntsville, Alabama and Ulm, Germany, is expected to accelerate the pace of heat transfer innovation, reduce the cost of technology development, and increase the competitiveness of our customers' products.
"The heat transfer markets we serve demand constant innovation. WWHTT will develop technologies that allow engineers to create air conditioning and refrigeration systems with higher efficiency, lower end-user operating cost, and reduced refrigerant use," said Harold Karp, President and Chief Operating Officer of Wolverine.
Wolverine and Wieland will license certain heat transfer technologies to WWHTT. WWHTT will develop new heat transfer technologies, processes and products that will be licensed to Wolverine, Wieland and third parties. It is anticipated that WWHTT will make varying distributions to Wolverine and Wieland from royalty income received on commercial licenses of the new technologies based on the type of license, industry, area, and other license terms and conditions.
"The rapidly changing technical requirements of our markets will only be met by an ability to revolutionize heat transfer technology. WWHTT will leverage the heat transfer technology of two world-class companies to create best-in-class solutions for our customers and markets," said Bernd Grasshof, Vice President of Wieland's Tube Division.
About Wolverine Tube, Inc.
Wolverine Tube, Inc. is a world-class producer of copper and copper alloy tube, fabricated products, and metal joining products. It is a publicly traded Delaware corporation organized in 1987 (WLVT), and is a successor to a business founded in Detroit, Michigan in 1916. Wolverine's principal products are commercial, high value-added products sold directly to original equipment manufacturers (OEMs). Wolverine has approximately 1,500 employees worldwide.
About The Wieland Group
The Wieland Group is one of the world's leading producers of semi-finished and special products in copper and copper alloys, including strip, sheet, tube, rod, wire, sections, slide bearings, finned tubes, and heat exchangers. Wieland supplies customers in numerous markets, producing over 100 different copper alloys, which are used in the electrical and electronic industry, automotive industry, in construction and mechanical engineering as well as heating, air-conditioning and refrigeration industries. Together with its customers Wieland develops solutions for individual and industrial applications. The Wieland Group operates over 30 production sites, slitting centers, and trading companies in Europe, North America, Asia, and Africa. The global workforce of The Wieland Group is approx. 6,500 strong of which 4,000 are employed in Germany.
All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.
Wolverine Tube, Inc. David W. Jordan Vice President Business Operations and Strategy Tel.: (256) 580-3695 E-mail: firstname.lastname@example.org Wieland Werke AG Bernd Grasshof Vice President Global Tube Division Tel.: +49 (731) 9 44 27 22 E-mail: email@example.com
SOURCE Wolverine Tube, Inc.