Attributes its 276 Percent Revenue Growth to Technology Innovation
Aston, Pennsylvania, USA, October 30, 2008 -New Way® Air Bearings has been named to Deloitte's prestigious Fast 50 Program for Greater Philadelphia, a ranking of the 50 fastest-growing technology, media, telecommunications and life sciences companies in the area by Deloitte LLP, one of the nation's leading professional services organizations. Rankings are based on the percentage revenue growth over five years from 2003-2007.
"Deloitte's Greater Philadelphia Fast 50 companies have shown the strength, vision and tenacity to succeed in today's very competitive technology environment," said Michael J. Purcell, Greater Philadelphia Marketplace Technology, Media, and Telecommunications Leader, Deloitte & Touche LLP. "We applaud the successes of New Way Air Bearings, and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years."
President and CEO Nick Hackett credits increasing acceptance of New Way's transformative technology with his company's 176 percent revenue growth from 2003-2007.
"We're especially pleased to be named to the Deloitte Fast 50 because we were able to show the strong growth required even as the semiconductor market underperformed in 2007," Hackett noted. "Because we have diversified into other markets - like medical, solar, and flat panel display manufacturing - New Way is well-positioned for future growth."
The average increase in revenues among companies who made the Fast 50 for this region was 773 percent. New Way Air Bearings, the world's largest independent manufacturer of Porous Media® air bearings, showed a 176 percent increase in revenues from 2003 to 2007. This resulted in a ranking at number 30 on the Fast 50 for Greater Philadelphia.
Founded in 1994, New Way Air Bearings' growth accelerated with the 2005 launch of new products engineered to meet the needs of Flat Panel Display (FPD) and Photovoltaic (PV) Solar manufacturers globally.
"To make the Deloitte Fast 50 is a testament to our technology," said New Way chairman and chief technology officer Drew Devitt. "Our air bearing solutions already offered engineers around the world all the benefits of frictionless motion for their linear or rotary motion applications."
"Then we developed and commercialized non-contact glass handling solutions by literally turning our technology upside-down," Devitt continued. "When we launched those products it turned the thinking about FPD production lines upside-down as well. As manufacturers all over the world continue to adopt this new way of thinking, we continue to grow."
This growth, recognized by New Way's ranking in the Deloitte Fast 50, is also demonstrated in the company's work force.
"Our ranking in the Deloitte Fast 50 certainly reflects the job growth we've experienced," said New Way human resources director Jennifer DeWhitt. "From 2003 through 2007, the company more than tripled its workforce (326.2 percent). And we're still growing as we look forward to 2009. We continue to seek out experienced engineering and machining professionals."
The Greater Philadelphia Fast 50 program is presented by Deloitte and sponsored by Fragomen, Del Rey, Bernsen & Loewy, LLP, The Judge Group, and UK Trade & Investment.
To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 2003 and $5,000,000 in 2007, be headquartered in North America, and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.
Winners of the regional Fast 50 programs in the United States and Canada are automatically entered in Deloitte's Fast 500 program, which ranks North America's top 500 fastest growing technology, media, telecommunications, and life sciences companies. For more information on Deloitte's Fast 50 or Fast 500 programs, visit www.fast500.com.
About New Way Air Bearings
New Way® Air Bearings, Inc. is the market leader in the design and manufacture of modular air bearings and is the recognized provider of porous media air bearing solutions. Founded in 1994, New Way is located in Aston, Pennsylvania, USA, just fifteen minutes from Philadelphia International Airport.
New Way was named to Inc. Magazine's list of the 5,000 fastest-growing, private companies in America in both 2007 and 2008. In November of 2007, The Greater Philadelphia Chamber of Commerce named New Way recipient of its Technological Excellence of the Year Award for 2008.
Visit New Way Air Bearings at www.newwayairbearings.com. This web site includes specifications for the company's full product range, design and installation guides, mounting hardware, air specifications, technical support, and a full range of accessories.
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Michael Wright - Director of Marketing
New Way Air Bearings, Inc.
50 McDonald Blvd., Aston, PA 19014 USA