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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: jerryriti who wrote (2873)	9/16/1998 8:58:00 AM
From: Gerald Thomas	Read Replies (1) \| Respond to of 3448

"CERN has the option of doubling their initial order as the project progresses" Intermagnetics to Supply $16.4 Million in Superconducting Wire for 'Large Hadron Collider' Project in Europe European Consortium Could Increase Size of Initial Order for World's Largest, Most Advanced Collider September 16, 1998 08:30 AM LATHAM, N.Y., Sept. 16 /PRNewswire/ -- Intermagnetics General Corporation today announced it will supply at least $16.4 million in superconducting wire over the next four years for a highly advanced particle collider being developed by a European research consortium. IGC-Advanced Superconductors, Intermagnetics' wire manufacturing division in Waterbury, Conn., will supply nearly 2 million feet of niobium-titanium (NbTi) cable for CERN, the cooperative nuclear particle physics research effort of several European nations. CERN is building its Large Hadron Collider (LHC) -- which will be used to study conditions thought to be similar to those moments after the theoretical "Big Bang" gave birth to the universe -- along the Franco-Swiss border west of Geneva. CERN has the option of doubling its initial order for superconducting cable as the project progresses. "The LHC will use the most advanced superconducting magnet and accelerator technologies ever employed," CERN wrote in a description of the project. Intermagnetics is supplying the 36-strand cabled superconductors to be used in hundreds of magnets. "Our Waterbury facility is in the ramp-up phase as we prepare for production of the approximately 94 tons of wire required for this contract," said Glenn H. Epstein, president and chief operating officer of Intermagnetics. "Pilot quantities are already being supplied to CERN this year and we expect to complete deliveries under the current contract no later than the end of 2002. "This award reinforces Intermagnetics' prominent position in the development and manufacture of state-of-the-art superconducting materials as well as our company's strong support of worldwide, high-energy physics research programs," Epstein said. "It also marks another step in the solid rebound -- both in terms of sales and operating profits -- of IGC-Advanced Superconductors, which last year regained its position as the world's largest supplier of superconducting wire for MR applications. IGC-AS now has won the competition to be the sole U.S. superconductor wire manufacturing company participating in the internationally important LHC program." Large Hadron Collider, an International Collaboration The LHC is a particle accelerator that physicists from around the world will use to conduct experiments designed to probe deep into the origin of the Universe and of matter itself. The intense magnetic fields needed to keep LHC's particle beams on the right collision path will be produced by thousands of energy-efficient superconducting magnets operating at a temperature nearly 450 degrees below zero Fahrenheit, much colder than outer space. With a circumference of 27 kilometers, the accelerator will be the largest superconducting installation in the world. Additional information about CERN and the LHC is available on the Internet at cern.ch. The U.S. Contribution to LHC In addition to the award to Intermagnetics, the U.S. Department of Energy recently announced contract awards to Ormet Wah Chang of Albany, Ore., and negotiations with Cabot Performance Materials of Boyertown, Pa., both suppliers of NbTi alloy and pure niobium sheet. CERN will implement the three contracts, totaling about $62 million, with funding provided by the Department of Energy. These awards represent the United States' first "in-kind" contribution under an agreement with CERN that commits the United States to $531 million in goods and services for the LHC. "These contracts with U.S. businesses demonstrate the tangible benefits of U.S. participation in this exciting international scientific collaboration," said Energy Secretary Bill Richardson. Intermagnetics is the largest integrated U.S. developer and manufacturer of low-temperature and high-temperature superconducting magnets, wire and cable as well as associated low-temperature refrigeration equipment, and radio-frequency (RF) coils, the combination of which is essential to successful application of superconductivity such as Magnetic Resonance Imaging (MRI). The Company is dedicated to the development and commercialization of applied superconductivity and refrigeration systems to the electric energy industry. The Company also supplies permanent magnet systems, materials separation equipment and FRIGC(R) refrigerants as replacements for ozone-depleting refrigerants. SOURCE Intermagnetics General Corporation Top