Ohio Entrepreneurs Respond to Automotive Industry’s “Green Friendly” Focus and Launch New PVD Coatings Production Facility. Chrome Is About To Go Green: Environmentally Friendly Technology to Bring Automotive Jobs to Ohio.
When it comes to the automotive industry, green is definitely in. Automakers and their suppliers are working to be more environmentally friendly by eliminating hazardous materials, lowering emissions and reducing the weight of their vehicles. One classic piece of automotive desires – chrome – is under heavy scrutiny due to durability and environmental issues it possesses. That is, until Onward Coatings flips the switch on its new facility.
Onward Coatings Company and Yet2.com Inc., along with Cleveland based Source Capital and Pillman, have brought together the expertise, vision and money to launch an alternative chrome coatings production facility in Cleveland, OH. Production is scheduled to begin late 4th quarter 2007. Which means by 2008, “Green Chrome” will be on the market.
“The environmental issues associated with traditional chrome plating are clear — most people have seen the movie Erin Brockovich, which first brought the hazards of hexavalent chrome to the public,” says Brian Boley, Onward co-founder. “Some of the chemicals used in traditional chrome plating are a real problem. As a result, government agencies are increasingly involved, passing an updated Personal Exposure Limit early 2006. With the automotive industry’s heightened focus on the environment, we have a chrome coatings technology that is production ready. The process Onward Coatings will be supplying is 100% environmentally friendly, substantially lighter, priced similar, 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 including GM4472P CASS and GM9525P Thermal Shock, all while retaining the deep rich chrome color the consumer desires.
Local Cleveland investor Jamie Pilla understands the opportunity. “Having an automotive background, I fully understood the business model presented by the Onward founders. I see a tremendous upside for not only the automotive industry, but also other industries that want a bright finish. That market relevance and perfect timing, combined with job creation for our area, made Onward a good fit for Pillman. I’m excited to partner with the Onward group and bring the plant to Cleveland.”
Onward’s plan was to open its initial production facility in Cleveland, Ohio late 2007. Initially, Onward planned to employ up to 30 people. The company’s model includes the building of a large scale production facility within 24 months, which will bring the potential employment figure to 100.
But Onward and its partners feel that’s just the tip of the iceberg. 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 alternatives.”
About Onward Coatings Company, LLC
Onward Coatings Company, LLC was founded in 2003 to understand, test and bring to market PVD chrome coatings to the automotive industry. Our primary focus is 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 which can be applied in a more effective manner, and the products to which applying a coating will add value.
For more information visit http://www.onwardcoatings.net
If you would like more information about Onward Coatings, or to speak with Brian Boley, please call Brian at 614-778-2663 or email firstname.lastname@example.org
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.
About yet2.com, Inc.
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 joint investment from Siemens, Bayer, Honeywell, Dupont, Procter & Gamble, Caterpillar, and NTT Leasing. The privately held company has offices in the United States, Europe, and Japan. Its clientele consists of a quarter of the Fortune 1000. Yet2.com draws upon its global network of technology leaders in thousands of companies across all industries, to establish productive dialogs quickly.
Via EPR Network
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