March 23, 2011 Lehigh Valley, Pa.
Air Products (NYSE: APD) announced today the signing of a long-term contract with Genesis Medical Imaging, Inc., one of the United States’ largest independent MRI (magnetic resonance imaging) service providers based in Huntley, Illinois. Under the agreement, Air Products will supply its KeepCOLD® Cryogenic Services product offering for approximately 150 magnets currently installed by Genesis for MRI scans at medical service providers across the country.
“The contract with Genesis is the largest we have signed in the independent sector to date. We believe this market will present further opportunities and we will continue to grow that end of the business with our established offerings,” said Shawn Smith, product manager - North America Helium at Air Products. “In this growing market we are able to use the wealth of experience we have gained working closely with original equipment manufacturers (OEMs), be able to continue to provide that experience to our OEM customers, and now transition that knowledge to our work with Genesis and other independents as well.”
“Air Products’ enviable quality and OEM experience make a superb fit with Genesis’ unique position to provide customers the excellence and security of an OEM relationship with the pricing and responsiveness of independent service,” said Robert Dakessian, Genesis president and CEO. “Air Products’ reliability can mean more uptime, another step in Genesis’ promise of continuous improvement in quality and value from a service partner you can trust.”
Smith said he believed Air Products’ 20 years of MRI servicing experience, as well as its product offerings’ flexibility to meet the specific needs of the customer, were essential to gaining the Genesis contract. “We have been and are the leading third-party service provider in this industry,” Smith said. “This contract enables Air Products to continue to expand our customer base in this market and to increase our present work with the independent MRI segment of the medical services industry.”
Air Products, the largest international supplier of helium, assists the MRI industry with vital service by keeping the superconducting magnets at cryogenic temperatures to provide the highest quality medical imaging. An MRI system with a superconducting magnet consists of many wound coils of wire through which a current of electricity is passed to create a magnetic field. This requires a significant amount of energy and is achieved through superconductivity, or reducing the resistance in the wires to almost zero by continually bathing the wire coils in liquid helium at approximately -452 degrees Fahrenheit.
There are more than 12,000 MRI magnets using Air Products' helium and cryogenic gases to keep them cold and superconducting for the medical services industry. This current total includes more than half of the existing magnets in U.S. and internationally. At more than 7,500 KeepCOLD sites Air Products performs 13,000 helium fills annually, which has led to long-standing relationships with the leading MRI original equipment manufacturers. For more information on Air Products’ KeepCOLD product services go to www.airproducts.com/helium/applications/mri.htm.
About Air Products
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. 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. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.
Genesis Medical Imaging is the largest independent service organization to offer a total solution for CT and MRI needs, including nationwide service contracts, mobiles, refurbished CT & MRI equipment, cryorefrigeration and magnet services. Visit www.genesismedicalimaging.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, 2010.