PAS Technologies officially opens leading-edge R&D centre in Cork and signs major $11 million contract with Siemens

Cork, Ireland, 4th March 2010 ---- Mr. Billy Kelleher, T.D., Minister for Trade and Commerce , today performed the official opening of a new €1.6m leading edge R&D operation of high performance aviation and industrial repair service provider, PAS Technologies, in Cork.  The investment is supported by Government through IDA Ireland and is anticipated to create 10 high-value positions, with recruitment already underway at the operation.

The Minister also witnessed the signing of a major $11 million contract with Siemens Sweden at the company’s operation in Carrigtwohill, Co. Cork today.

PAS Technologies’ principal activity is the repair, refurbishment and remanufacture of components of gas turbine engines used in the utilities and power generation sectors.This highly innovative R&D centre will be responsible for the development of advanced technology component repair services for land based turbine engines, which are used to power electricity generation stations, pump oil and gas and to power ships, desalination plants, and factory utilities. The Irish operation is responsible for developing and embracing new capability and technology on behalf of the wider PAS Group, developing materials, processes and tooling to service and repair components of land-based turbines.  Recognising this capability Robert Weiner President and CEO of PAS Inc has appointed the Irish operation as the lead company within the group for Industrial gas turbine business growth globally.

Speaking at the event, Minister Kelleher said: “Today’s announcement is a major endorsement of the knowledge, expertise and infrastructure which exists in Ireland for the successful implementation of highly innovative R&D. The technology developed by PAS Technologies Ireland is innovative, leading-edge and highly significant within the PAS Group.  Embedding the entirely new R&D capability in the Cork operation will add a new dimension to its operations here.  An investment such as this further highlights that regional locations in Ireland are at the forefront of technology development and builds on the Government’s strategy to develop a Smart Economy”

For some years now PAS have been developing a business relationship with Siemens. Siemens have a historic and successful relationship with Ireland and were literally one of the driving forces behind the success of the nascent state through the Shannon Scheme and electrification process, beginning in the 1920s. The firm’s connection with Ireland has continued to this day, epitomised by the signing of this $11,000,000 contract.Today’s contract signing is also testament to the skills, knowledge, hard work and dedication of the Carrigtwohill workforce.

Commenting on the contract signing, Denis McGrath, Managing Director, PAS Technologies Ireland Ltd, and Vice President of Global Industrial Gas Turbine Business PAS Inc, said: “This signing is a very significant event in the history of the company.  In line with company strategy and Irish Government policy, we in PAS Technologies have been focusing on adding value to the services we provide to our customer base. Driving growth through research and innovation in enterprise is stated government policy and is coincidentally the PAS philosophy also. In an increasingly competitive global landscape companies have to differentiate their offerings and provide services and products to clients that establish long-term meaningful relationships. While Ireland is a small open economy, we are highly globalised, and known worldwide for our talent and skills.  We offer a high quality product allied with an understanding of international business needs and a culture that spans East and West and an ability to produce product that is demanded internationally.”

Mr McGrath continued, “As Managing Director of this facility I am grateful that Siemens have recognized and endorsed our engineering and turbine processing capabilities.

I am particularly pleased that the Irish government, represented by Minister Billy Kelleher T.D., and IDA Ireland are here today to lend their support and in doing so demonstrate to Siemens and the business world how important this contract is to this facility and to Ireland”

ENDS


Notes to Editor

About PAS Technologies

July 2006 saw the launch of PAS Technologies Inc., a new business entity with deep roots in high-performance aviation repair services. Backed by a legacy of leadership and innovation in high-technology repairs, PAS Technologies continues to serve its aerospace and industrial customers with new designs and world-renowned service.

When lead investor Gridiron Capital, LLC, closed the sale of the aviation services division of Praxair Surface Technologies, Inc., in 2006, they created a new corporation called PAS Technologies Inc.

PAS Technologies specializes in providing cost-effective repair and overhaul solutions for aerospace and industrial markets. By using innovative, proprietary high-technology repair processes, along with repair solutions licensed from OEMs, PAS Technologies saves customers money and delivers outstanding solutions. They avoid buying costly replacement parts because PAS Technologies repairs their equipment, restoring its functionality and extending the life of their investment.

The company operates multiple facilities that handle a broad range of components: gas turbine engines, critical airframe parts, gates and seats used in oil fields, as well as industrial components used in other high-wear, high-heat and high-corrosion environments.

A privately held corporation, PAS Technologies Inc., is headquartered in North Kansas City, Missouri.

About PAS Technologies in Ireland

PAS Technologies Ireland (PASTI) was established in June 2007 following the purchase of part of SIFCO Turbine Components Ltd. (SIFCO Ireland) by PAS Holdco LLC. The company operates from a 5,000 sq m facility in Carrigtwohill, Co Cork and employs 75 people. The company’s principal activity is the repair, refurbishment, and remanufacture of components of gas turbine engines used in the utilities and power generation sectors and are primarily land based. It is the sole provider of services for the hot section of land based turbine engines in Ireland.

 
Media contacts –

Kearney + Melia Communications - Jean Kearney, Tel: 021 4278580

Department of Enterprise, Trade and Employment –Press Office, Tel: 01- 6312200
Roisin McCann, Press Officer, Tel: 0872594144

IDA Ireland –
Gillian Lawless, Press & PR, Tel : 01-6034190 / 0879050699