Posted: Tue Jul 15, 2008 4:58 pm Post subject: Onward Coatings Begins Production of “Eco-Friendly”
Onward Coatings Begins Production of “Eco-Friendly” Decorative Chrome Technology
Released on: July 14, 2008, 10:49 am
Press Release Author: Brian Boley - Onward Coatings Company, LLC
Press Release Summary: Automotive companies first to benefit from green alternative to traditional chrome plating
Press Release Body: Mentor, Ohio July 14, 2008 —Chrome plating is everywhere. From automotive wheels to the toaster in your kitchen, the bright finish is a popular coating option. However due to environmental and waste issues, decorative plating companies that apply chrome by traditional methods are finding it hard to survive.
Industry is primed to embrace “green technologies”, but continues to look for increased durability and versatility in an alternative coating. Onward Coatings Company, LLC and yet2.com Inc., along with Cleveland-based Source Capital, LLC and Pillman, LLC have answered that call.
The four companies have brought to production an automated pilot facility to run production and validate PVD technology for industries that want and need a viable alternative to traditional chrome plating.
“We are pleased with the response from different industries after our initial press release in August of last year,” stated Brian Boley co-founder of Onward. “Our business model is the application of the technology onto aluminum substrates, focused first on automobile wheels. However early on we designed the plant to be versatile enough to look at other markets. The interest has been high not only in automotive but other industries including both domestic and overseas companies”.
“Some of the chemicals used in traditional chrome plating are a real problem. As a result, government agencies are increasingly involved,” stated Kevin Richards Operations VP and partner. “With the automotive industry’s heightened focus on the environment, Onward has a chrome coatings technology that is production-ready and ecologically sound.”
The process Onward Coatings will be supplying is 100% environmentally friendly, substantially lighter, priced similar to, and much more durable than the traditional process used to chrome plate wheels today.
Onward Coatings’ technology uses powder paints combined with Physical Vapor Deposition (PVD) to apply a smooth chrome-look finish to automotive wheels. The process has passed major automotive testing in independent labs, while retaining the deep rich chrome color the consumer desires.
Local Cleveland investor Jamie Pilla is enjoying the progress. “Having an automotive background, I fully understood the business model presented by the Onward founders. Taking the model and bringing it to full production in eleven months was an aggressive goal and met, that combined with the quality of product we are currently putting out only increases my confidence in the technology.”
The Onward production facility in Mentor, Ohio is now coating parts for clients. Initially, Onward will employ up to 30 people. The company’s model includes the building of a large-scale production facility within 24 months, bringing the potential employment to 100 opportunities in the area.
Onward Coatings’ licensing and technology commercialization partner, yet2.com Inc., believes the opportunity extends well beyond this next facility. Phil Stern, yet2.com co-founder and CEO comments, “We are excited about the opportunity to work with Onward in building business relationships that will accelerate the adoption of this technology in other geographic markets and for other applications beyond automotive chrome replacement.”
Onward Coatings was founded in 2003 to understand, test, and bring to market PVD chrome coatings to the automotive industry. For more information visit www.onwardcoatings.com If you would like more information about this topic, or to schedule an interview with Brian Boley, please call Brian at +1-614-778-2663 or email email@example.com
About Onward Coatings Company, LLC
Onward Coatings Company, LLC was founded with the purpose of supplying alternative coating and chrome plating options to the aftermarket and original equipment wheel industries. Onward’s management team has spent the last three years researching, testing, and branding alternative chrome coatings to the automotive industry. Onward has developed the process to commercialize a viable chrome alternative, and is also focused on future advancements of the technology. Onward will continue to seek new ways to provide innovation in the way coatings are applied, the types of coating applications that can be applied in a more effective manner, and the products to which applying a coating will add value. For more information visit www.onwardcoatings.com
About Source Companies, LLC
Since 1982, Source Companies, LLC has specialized in providing growth advisory and investment banking services to the controlling owners of medium-sized businesses. Typically a company begins to use our services when its revenue base is between $25 million to $250 million. We have successfully represented hundreds of such companies. Many of these have profitably grown to $300 million to over $2 billion in revenue size. Our services are designed to help the controlling owners of a business build a more profitable and more valuable company. For more information visit www.sourcecapital.ws
yet2.com provides intellectual property consulting and licensing services to world-class clients around the globe. Yet2.com Inc and its online marketplace were founded in 1999 to promote technology licensing and transfer, with original investments from Siemens, Bayer, Honeywell, DuPont, Procter & Gamble, Caterpillar, and NTT Leasing. The privately held company has offices in the United States, Europe, and Japan. The web site now has over 100,000 registered marketplace users including many of the Fortune 500 and over 11,000 SMEs. In addition to its core team, yet2.com has created a wide network of technology transfer partners covering many of the technology-rich countries around the world as well as relationships with technology transfer organizations, technical expert networks, SME networks, technical magazines, online technical communities, and technology brokers. These provide market-wide access to technologies and needs in countries such as Russia, China, India, Korea, Brazil, South Africa, Japan, the US, and Europe. For more information, visit www.yet2.com. Contact: yet2.com Tim Bernstein +1-781-972-0600
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