Lord Corporation's Materials Business Unit Announces Name Change to
(Cary, N.C. Feb. 6, 2006) LORD Corporation -- the world's leading supplier of commercial Magnetorheological (MR) fluid, devices and systems has announced a business unit name change to "MR Solutions."
According to Jim Toscano, Manager of Global Sales and Marketing for the Materials Business Unit of LORD Corporation, the change is necessary to better reflect the expanded scope and diversity of technologies offered by LORD Corporation.
"Our name dates back to an earlier mission encompassing all 'smart' materials, but it doesn't accurately describe our vast offerings and application of magnetics for mechanical vibration and motion control," Toscano said. ""MR is already strongly associated with LORD Corporation, and Solutions describes our expertise in designing, prototyping and manufacturing MR technology products such as fluids, dampers, brakes and controllers."
The name change comes at a time of tremendous growth. LORD Corporation recognized a 40 percent jump in MR fluid sales during 2005, affirming the company's 15-year commitment to developing the unique, controllable technology and signaling strong commercial acceptance of MR fluid technology. Fluid sales for automotive shock absorbers, along with fluid used in LORD Corporation's own MR devices, drove the increase. LORD Corporation responded by expanding production of its full complement of proprietary MR fluids.
"It is important for the marketplace to recognize that MR Solutions is not just a MR fluid provider, rather, a proven design leader and the only company commercializing both the fluid and the technology," said Toscano. "We also experienced a105 percent increase in our sales of steer-by-wire Tactile Feedback Devices (TFDs) in 2005. Our expertise as a development partner will continue to result in new applications for MR technology."
LORD MR technology is based on proprietary and patented fluid, damper, mount, brake and clutch designs and sophisticated computer control algorithms. When exposed to a magnetic field, MR materials change state nearly instantaneously and with complete reversibility. As a result, MR technology provides fast and infinitely variable control of energy dissipation for industrial and automotive devices. The technology enables engineers to design a wide range of devices and systems with far greater flexibility than before possible. The result is improved performance, reduced part count and complexity, smaller package size and less weight. For information about LORD MR applications, visit www.mrfluid.com.
With headquarters in Cary, NC, and sales in excess of $500-MM, LORD Corporation is a privately held company that designs, manufactures and markets devices and systems to manage mechanical motion and control noise and vibration; formulates, produces and sells general purpose and specialty adhesives and coatings; and develops products and systems utilizing magnetically responsive technologies. With manufacturing in eight countries and offices in more than 15 major business centers, LORD Corporation employs more than 2,400 worldwide. Visit www.lord.com for more information.
Contact:
Jim Toscano, 919-469-2500 extension 2104 or Jim_Toscano@lord.com
