IMGC to Divest SuperPower,
Expand Manufacturing
Glenn Epstein, President and CEO of
Intermagnetics General (IMGC), recently stated that he
expects a “separation event” between IMGC and SuperPower
by the end of 2006. While Epstein reportedly has yet to
determine a specific course of action for the
divestiture, it has been apparent for some time that a
separation was in the making (see
issue 1805.).
Epstein has acted consistently to
build a company focused on providing products to the
medical market, and like Polycold Systems, sold last
year, SuperPower’s HTS energy technology focus has
little synergy with LTS Magnetic Resonance Imaging
magnets and other medical devices (see
issue 1823).
Analysts agree that divesting
SuperPower would add $10M to IMGC’s balance cash flow
and $0.16 to $0.20 in earnings per share. IMGC continues
to see substantial growth in demand for its
superconducting MRI magnets, and has applied for an
expansion of its magnet factory in Latham, NY. The
company estimated that 70 new jobs and $15M in new
equipment would be added as part of the expansion.
It appears that the basic survival
of SuperPower is not at risk, and the company has a
variety of options it could pursue, depending on the
strategy it adopts as an independent company. Insiders
have rumored that one company was initially interested
in acquiring SuperPower, but has passed on the
opportunity.
Additional topics covered in the story include:
SuperPower's Business Model Options Open
- Sumitomo Rumored to Pass on SuperPower -
Intermagnetics Files Permits for Factory Expansion
-
To
read more, purchase issue 2003:
Other Headlines inside Superconductor
Week issue 2003:
DOE Requests
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Request Calls for
$505 Million Increase
Large-Scale Superconducting Projects Get Boost
$60 Million to ITER While Domestic Fusion Funding Flat
Oxford Instruments to Cease Low
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New "NanoScience" Business Formed
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HYPRES Receives $2 Million in
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Much of $495,000 Award Goes to Lockheed for
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$1.6 Million Awarded for Superconducting Electronics
Development
IMGC to Divest SuperPower,
Expand Manufacturing
Divestment Expected to Add $10 Million to
Cashflow
SuperPower's Business Model Options Open
Sumitomo Rumored to Pass on SuperPower
Intermagnetics Files Permits for Factory Expansion
UDRI Awarded $24.9 Million for
HTS and Other Materials Research
Generator Applications for YBCO Coated
Conductor Focus of Work
Contract May be Extended 2 Years
AMSC Awarded $15.35 Million in
New Contract Amendments
AMSC Produces
448A/cm-width 2G Wire
U.S. ITER Project Office
Relocating to Oak Ridge National Lab
Princeton Plasma Physics Lab to Continue
ITER Role
INSERT: U.S.
Superconductivity Patents
