Fast Heat Sells U.S. Heating Element Business, Diversified into RFID
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ELMHURST, ILLINOIS, U.S.A., February 5, 2008: Fast Heat Inc. has sold its U.S. range of heating elements and sensors to Tutco, Inc., a world leader in heating technology, it was announced today by Fast Heat CEO Tim Stojka.
Tutco will continue to supply heating elements to all Fast Heat customers and is licensed to use the Fast Heat brand name for these products in North America for a period of two years.
Fast Heat business units in the United Kingdom, France, and Singapore will continue to supply the heating element product line throughout Europe and Asia. Also unaffected by the sale are the company's worldwide hot runner system and temperature controller businesses.
Throughout its fifty-year history Fast Heat has been an innovator and has created opportunities is new growth markets, noted Stojka. "While heating elements continue to be a good business, Fast Heat's strategy is to move more aggressively into new technology-based product lines such as RFID," he said. "The divesture of our heating element product line in North America will give us the capital and management time to focus on these new opportunities,. We are constantly looking for ways to penetrate new emerging technology markets to grow our business and leverage our brand name globally."
Stojka added that Fast Heat is focused on RFID e-pedigree systems that will help pharmaceutical manufacturers and food processors to monitor conditions in the supply and distribution chain, maximizing the shelf life and consumer value of their products.
TUTCO, INC. is a leader in heating innovation. It designs and manufactures heating components for a variety of commercial applications including: refrigeration; HVAC; lab equipment; and vending. For more information visit www.tutco.com.
FAST HEAT INC. is a leading international supplier of custom-engineered systems and components for the precise transfer and control of heat. Founded in 1957 as a manufacturer of heating elements, Fast Heat also manufacturers hot runner systems and temperature controllers at facilities in the U.S., UK, France, and Singapore. Visit www.fastheat.com.
Robert J. Martino
Martino Communications Inc.
8 Main Street / P.O. Box 379
Hastings-on-Hudson, NY 10706 U.S.A.
Tel: 1-914-478-0754
Fax: 1-914-478-0959
Email: bob@martinocommunications.com
Visit www.martinocommunications.com
