Precision Holdings and Norsk Titanium Strategic Supply Chain Partnership
WINDSOR, Connecticut – April 5, 2016 – Collaboration Deal Signals Launch of Norsk's Integrated Supply Chain Network to Support Worldwide Rapid Plasma Deposition™ Production.
Norsk Titanium AS, the world's leading provider of aerospace-grade, additive manufacturing technology today announced a long-term supply chain services agreement with Precision Holdings, a portfolio company of Texas-based private equity firm Insight Equity Holdings LLC ("Insight Equity"). The deal comes ahead of Norsk Titanium's scheduled groundbreaking of the world's first industrial-scale additive manufacturing facility to be located in the United States.
Under the terms of the partnership, Precision Holdings will also provide strategic support in the form of customer development services in the United States in support of Norsk Titanium's global expansion plans.
"We are delighted to announce this broad strategic cooperation with Precision Holdings," said Warren M. Boley, Jr., CEO of Norsk Titanium. "As we drive our RPD™ technology across new markets and customer applications, Precision Holdings is an ideal downstream operations partner and collaborator in our newly-launched integrated supply chain network."
"We are very excited about our commercial agreement with Norsk Titanium," said Victor Vescovo, Chairman of Precision Holdings. "As industry veterans in metal additive manufacturing and high-precision machining, we see enormous potential for Norsk's Rapid Plasma Deposition™ technology not just in titanium and in aircraft parts, but throughout a broader spectrum of other materials and industries in the future."
About Norsk Titanium AS
Norsk Titanium (www.norsktitanium.com) is the world's pioneering supplier of aerospace-grade, additive manufactured, structural titanium components. The company is distinguished in the aviation industry by its patented Rapid Plasma Deposition™ (RPD™) process that transforms titanium wire into complex components suitable for structural and safety-critical applications. The Norsk Titanium research and development team is committed to displacing the age old and inefficient forging process with a precision wire deposition technology embodying substantial savings for aerospace, defense, and commercial applications.
About Precision Holdings
Windsor, Connecticut-based Precision Holdings is a leader in precision contract machining, fabrication, assembly, and 3D metal printing services for the aerospace, defense, power generation, and oil and gas industries. Precision Holdings has more than 300,000 square feet of manufacturing space with the capacity to produce a full range of components from large industrial gas turbines to small, highly complex additive manufactured parts. The company operations include more than 100 state-of-the-art, multi-axis CNC machines; 3D printers; and CMMs handling volumes ranging from prototyping to full-scale production.