PPG Aerospace, Altairnano developing chromate-free aircraft primer
Environmentally friendly nanotechnology affords excellent corrosion resistanceSYLMAR, Calif., July 24, 2007 –
PPG Industries’ (NYSE:PPG) aerospace business and Altair Nanotechnologies (NASDAQ:ALTI) announced today agreements for the development and commercialization of environmentally friendly nanoparticle technology to replace chromate in aircraft primer that affords excellent corrosion resistance in high-solids and waterborne formulas. Terms were not disclosed.
PPG and Altairnano will develop nanometal oxide dispersion technology under a three-year research agreement, with an added five-year contract for commercialization and supply that begins in 2008.
The development combines Altairnano’s proprietary nanometal oxide dispersion technology and PPG’s proprietary resin to create a primer that will replace today’s chromate-based coatings, according to Paul Bowman, PPG Aerospace global business platform manager for coatings.
Under the agreements, Altairnano will make the nanometal oxide chemical dispersion using PPG’s proprietary resin technology to meet the final paint requirements.
“The technology will be developed for primer in both interior structural and exterior fuselage applications, giving customers a safe, sound solution to eliminate chromate from the production stream,” Bowman said. “It represents the first time we will be able to have a primer that works similarly to chromate-containing materials without the environmental issues involved in the use of chromates.”
Bowman said the technology also looks promising for the creation of other corrosion-resistant coatings, and the companies expect to commercialize the chromate-free primer later this year.
Altair Nanotechnologies Chief Executive Officer Alan Gotcher, Ph.D., said, “We are enthusiastic to be working with the world’s largest aerospace coatings company to develop, commercialize and manufacture this green technology.”
PPG Aerospace is the aerospace products and services business of PPG Industries. PPG Aerospace – PRC-DeSoto is the leading global producer and distributor of aerospace coatings, sealants, and packaging and application systems. PPG Aerospace – Transparencies is the world’s largest supplier of aircraft windshields, windows and canopies.About Altair Nanotechnologies
Based in Reno, Nev., Altairnano is an innovator and supplier of advanced, novel ceramic nanomaterials. Altairnano’s leading-edge scientists are complemented by a seasoned management team with substantial experience in commercializing innovative disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. For more information, visit www.altairnano.com
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company employs more than 34,000 people and has 125 manufacturing facilities and equity affiliates in more than 25 countries. Sales in 2006 were $11 billion. PPG shares are traded on the New York and Philadelphia stock exchanges (symbol: PPG). For more information, visit www.ppg.com
Statements in this news release relating to matters that are not historical facts are forward-looking statements reflecting the current views of Altairnano and PPG with respect to future events or objectives and financial or operational performance or results. These matters involve risks and uncertainties as discussed in the respective periodic reports of Altairnano and PPG on Form 10 K and Form 10 Q, and current reports on Form 8 K, filed with the Securities and Exchange Commission. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements of Altairnano and PPG.
With respect to Altairnano, forward-looking statements may involve risks, uncertainties and other factors that may cause Altairnano’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks, uncertainties and other factors include, without limitation, the risks that development of the proposed coating products described in this release will not be completed for technical, business or other reasons; that any products developed will not perform as expected in future testing or commercial applications; that one or more of the joint development partners may proceed slowly with, or abandon, development or commercialization efforts for any of various reasons, including concerns with the feasibility of the product or the financial viability of continuing with the product; and even if full commercialization occurs, sales may not reach expected levels for one or more reasons, including failure of end products to perform as expected, the introduction of a superior product, and costs associated with the proposed products may exceed revenues. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations.
With respect to PPG, forward-looking statements may involve risks, uncertainties and other factors that may cause PPG ’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks, uncertainties and other factors include, without limitation, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials and energy, the ability to maintain favorable supplier relationships and arrangements, economic and political conditions in international markets, foreign exchange rates and fluctuations in such rates, the impact of environmental regulations, unexpected business disruptions and the unpredictability of possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG's filings with the SEC does not become effective. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, operations or liquidity.
Forward-looking statements speak only as of the date of this release. Altairnano and PPG expressly disclaim any obligation to update or revise any forward-looking statements found herein to reflect any changes in expectations or results or any change in events.