Aston, PA, November 02, 2009 --(PR.com
)-- New Way® Air Bearings today announced that it has been ranked number 41 on Deloitte’s prestigious 2009 Greater Philadelphia Fast 50, a listing of the fastest-growing technology, life sciences, and clean tech companies in the region. Compiled by Deloitte LLP, one of the nation’s leading professional services organizations, rankings are based on percentage revenue growth over the five years from 2004–2008.
New Way President and CEO Nick Hackett attributes his company’s 115% revenue growth during that time frame to increasing acceptance of the transformative technology it produces.
“We’re very proud to be included on the 2009 Greater Philadelphia Fast 50 list for the second consecutive year – especially as one of just a handful of technology manufacturers,” Hackett noted. “We’ve been successful because we’ve been able to diversify into new markets. We’re selling tangible, enabling technology products for a diverse array of precision manufacturing applications. And we’re selling these products all around the world.”
New Way Air Bearings is the world’s largest independent manufacturer of Porous Media® air bearings, a non-contact system that uses a microscopic film of air instead of a ball bearing as the ‘virtual’ point-of-contact between two surfaces in linear or rotary motion applications.
The bearing surface of New Way’s Porous MediaTM technology consists of millions of sub-micron sized holes through which air is evenly distributed. Conceptually, this porous carbon pad is the substantially more sophisticated equivalent of an air hockey table. This non-contact surface virtually eliminates friction and provides differential advantages including much higher speeds, higher stiffness, and infinite resolution for sub-nanometer repeatability. These porous media air bearings operate silently, smoothly, and with no vibration. There is no need for messy lubricants, either, decreasing maintenance requirements and downtime.
Founded in 1994, New Way Air Bearings engineers a standard line of inexpensive, easy-to-use, off-the-shelf components for the CMM, optical, medical, and semiconductor manufacturing markets. The company’s growth accelerated with the 2005 launch of new products designed to meet the non-contact glass handling needs of Flat Panel Display (FPD) and Photovoltaic (PV) Solar manufacturers globally. Then, in late 2007, New Way’s radial air bearings were introduced as chasm-crossing technology for Computed Tomography (CT Scanning) equipment. This diverse market approach is designed to provide managed growth well into the future.
"With its impressive five-year growth, New Way Air Bearings has earned its position among the fastest-growing technology, life sciences and clean technology companies in the Greater Philadelphia region," said Michael Purcell, partner, Deloitte & Touche LLP. "Deloitte is proud to honor New Way for its achievement."
“To make the 2009 Greater Philadelphia Fast 50 again is a testament to our technology and our people,” said New Way chairman and chief technology officer Drew Devitt. “Our air bearing solutions already offer engineers all the benefits of frictionless motion for their linear or rotary motion applications. As manufacturers around the world continue to adopt this new way of thinking, we’ll continue to grow.”
The average increase in revenues among companies who made the Fast 50 for this region was 458 percent. The full list of ranked companies as well as additional detail on the 2009 Greater Philadelphia Fast 50 program can be found online at the Deloitte web site.
The 2009 Greater Philadelphia Fast 50 program is presented by Deloitte and is sponsored by Fragomen, The Judge Group, and UK Trade & Investment. The program is supported by Annodyne, Center City Film & Video, University City Science Center, The Cleantech Group and Campus Philly.
Greater Philadelphia Fast 50 Selection and Qualifying Criteria
The 2009 Greater Philadelphia Fast 50 provides a ranking of the fastest growing technology, life sciences and cleantech companies in the Greater Philadelphia Region. This ranking is compiled from nominations submitted directly to the Fast 50 website, and public company database research conducted by Deloitte.
Greater Philadelphia Fast 50 award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Greater Philadelphia Fast 50 recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.
Greater Philadelphia Fast 50 award eligibility requirements also include base year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of five years, and be headquartered in the Greater Philadelphia Region.