April 28, 2005 Lehigh Valley, Pa.
Air Products (NYSE: APD) and Hardinge (NASDAQ: HDNG) today announced a marketing relationship that will package advanced machining technologies to the North American metals industry. The agreement—the first of its kind in the industry—allows Hardinge to offer Air Products' ICEFLY®machining technology as part of its QUEST®line of metal cutting lathes.
Hardinge QUEST lathes are used to cut metal into specific shapes. The lathes rotate the metal, holding it in place while a cutting tool shaves away material. This machining process generates a great deal of heat, however, and higher temperatures limit productivity.
Air Products' ICEFLY machining technology uses patented technology to overcome this problem. A jet of liquid nitrogen, cooled to -320°F, is sprayed on the insert and leaves no residue on the machining equipment or the parts. The ICEFLY machining technology also allows for precise cutting at rates of up to 200 percent faster as compared to the cutting rates achieved on the same lathe without the ICEFLY machining technology. And the ICEFLY machining technology is designed to increase tool life by up to 250 percent.
Ultimately, its ability to offset the extreme temperatures normally generated during the cutting of hard-to-machine materials allows manufacturers to effectively operate in the "fully hardened condition"—a condition that includes the precise cutting of the strongest and hardest metals.
"This is the most complete and cutting-edge solution for machinists today," explained Mike Epting, business manager at Air Products. "Both Hardinge and Air Products are recognized market leaders, and our technologies complement each other well. But while it's a great business decision for each company, our customers are the real winners."
"Nowhere else will our customers be able to find such high-performing hard-turning options," added Hans Strey, Hardinge hard turning specialist. "Our portfolio has just been significantly enhanced with the ability to jointly market Air Products' ICEFLY machining technology."
The ICEFLY machining technology is being marketed by Hardinge to customers looking for a cost-effective and high-performing solution for hard-to-machine materials. ICEFLY machining technology can be retrofitted to existing lathes at customer sites, or added as an optional feature on a new Hardinge QUEST lathe.
Air Products and Hardinge will display the ICEFLY machining technology on a Hardinge QUEST lathe at the Eastec Machining Show in Springfield, Mass., from May 24-26. The technology will be demonstrated at Hardinge booth #1341.
About Air Products
Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $7.4 billion, operations in over 30 countries, and nearly 20,000 employees around the globe. For more information, visit www.airproducts.com.
Hardinge Inc., founded more than 100 years ago, is an international leader in providing the latest industrial technology to companies requiring material-cutting solutions. The Company designs and manufactures computer-numerically controlled metal-cutting lathes, machining centers, grinding machines, collets, chucks, indexing fixtures, and other industrial products. The Company has manufacturing operations in the United States, Switzerland, Taiwan and China and distributes machines in all major industrialized countries of the world. Hardinge's common stock trades on NASDAQ under the symbol "HDNG." For more information, please visit the Company's website at www.hardinge.com.
NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.