Aston Company Beathes Fresh Air New Way Air Bearings' Recipient of $270,000 Grant That Will Allow Thriving Tech Company To Invest In New Products
July 27, 2006 by Solomon D. Leach
New Way Air Bearings Inc., a manufacturer of air-bearing products for precision machines, said it would begin new product development after being chosen to recieve more than a quarter-million dollars from a state economic development group.
The Aston company was one of eight promising Philadelphia-area technology companies rewarded for its growth by Ben Franklin Technology Partners of Southeastern Pennsylvania, an independent economic development organization. The company specializes in manufacturing porous air bearings for flat-panel TVs, semiconductors and computer monitors. The $270,000 capital investment signifies that it is among a dwindling number of Pennsylvania manufacturers that is surging and not sinking. "They have strong revenues, a history of profitability and they seemed poised for greater growth," said Terrence Hicks, vice president, investment group, with the Ben Franklin not-for-profit organization. Funded by the Pennsylvania Department of Community and Economic Development, Hicks said the organization aims to distribute $5 million per year in capital and seed money to emerging technology employers in the five-county region as a way to help grow business and jobs in the commonwealth. In addition to steady rvenues, New Way Air Bearings was selected during the June round because its technology is patented and proven. "We found the technology quite compelling," Hicks said. New Way Air Bearings' porous media air bearings reduce the friction between flat glass panels, lessening the likelihood they will get damaged in the assembly stage and reducing the cost for companies. The capital investment from the technology organization, which is expected to close this year, will allow the company to work on a new product and continue to grow. "The main thing is it enables us to invest in a product development program outside of traditional bank financing that enables us to get the program underway," said Nick Hackett, the company's president. Founded in 1994 by Penncrest High graduate Drew Devitt, the privately-owned company has markets across the U.S. and Asia. its clients include electronics makers Philips, GE, Delaware-based TA Instruments and South Korea-based Daekhon Corp. "The company's grown from very much a small, entrepreneurial business 10 years ago to more of an established technology business," Hackett said. The company recorded $5.5 million in total sales in 2005 and projects $7 million for this year, said Director of Marketing Michael Wright. It employs 62 workers and Hackett said that should increase to about 77 by 2008.
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