TechPrecision announced that it signed a five-year, $115 million agreement to exclusively produce complete product assemblies for Proton Beam cancer treatment equipment in the U.S. and Asia. This agreement covers production for units that will be used in the U.S. and Asia. TechPrecision is an industry leading manufacturer that provides engineering, precision large-scale machined, fabricated metal, and electrical components for complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace, and other commercial industries.
“This agreement will benefit both our Ranor and WCMC divisions, as we will produce units to meet the market demand in the United States and Asia,” stated James Molinaro, CEO of TechPrecision. “As this agreement goes forward, cancer patients are the big winners as it signals a new, more cost-effective and less-invasive procedure that is now an available option to the medical community. An additional benefit of this agreement is the further diversification of TechPrecision’s revenue. Clearly, we are no longer reliant on the alternative energy sector, and medical shipments will become an increasingly important contributor to our top- and bottom-line results as this agreement transitions to purchase orders.”
The Proton Beam technology was recently cleared by the FDA. TechPrecision expects to begin shipping initial assemblies during Q1 FY2014. Five assemblies have already successfully shipped under a prior agreement.
“This agreement reflects the culmination of years of work with our customer to develop, perfect, and certify an efficient manufacturing process to produce a revolutionary system that provides a significant reduction in the size, cost and complexity of operating a proton therapy center,” stated Mr. Molinaro. “This collaboration continues to be strategically beneficial to both organizations and now that the system has FDA clearance, pent-up demand indicates strong potential for this technology.”
TechPrecision is an industry leading manufacturer of products that are used in a variety of markets including: alternative energy (Solar and Wind), cleantech, medical, nuclear, defense, industrial, and aerospace. TechPrecision’s goal is to be an end-to-end global service provider by furnishing customized and integrated “turn-key” solutions for completed products requiring custom fabrication and machining, assembly, inspection, and testing. TechPrecision Corporation, through its wholly owned subsidiaries Ranor and Wuxi Critical Mechanical Components (WCMC), globally manufactures large-scale, metal fabricated and machined precision components and equipment.
For more information, please visit www.techprecision.com
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