Minerals Technologies Inc. Corp. (NYSE: ACO) Nanocor Subsidiary to Work with Bayer AG On Nylon Nanocomposite Materials
ARLINGTON HEIGHTS, Ill., Oct. 26 /PRNewswire/ -- Nanocor, Inc., a wholly owned subsidiary of Minerals Technologies Inc. Corp. (NYSE:ACO ), has announced that it is working with Bayer AG, Leverkusen, Germany, on the commercialization of a new line of nylon nanocomposite resins for use in barrier packaging applications.
John Hughes, chairman and chief executive officer of MTI, said, "We are pleased to acknowledge that Bayer AG, one of the world's premier chemical companies and a supplier of high-performance plastics, has announced its introduction of nylon nanocomposite resins for use in barrier packaging applications. The product line, which incorporates Nanocor's products, was introduced last week at the world's largest tri-annual plastics and rubber fair in Dusseldorf, Germany. Nanocor has worked closely with Bayer to bring the products to this commerical stage." Hughes continued, "This is an opportunity for Nanocor to develop business as Bayer builds its customer base for these new nanocomposite resins. The timing for shipments from our facility is uncertain."
Nanocor President Peter Maul said, "We're delighted that Bayer has chosen to go commercial with nanocomposites. When a company of Bayer's caliber moves ahead, it stimulates a greater interest into what nanocomposite technology can do for plastics in general. Nanocor's relationship with Bayer has been excellent. We've worked together to adapt the technology to the way Bayer manufactures nylon, although the lion's share of the effort has come from them. We are looking forward to a long and fruitful supply relationship, and to making more technical advances going forward."
Nanocor was formed in August 1995 to capitalize on a patented technology that disperses nanoscale particles of chemically modified clays into plastic resins, improving strength, heat stability and barrier properties. The company currently holds seven patents on its technology, with 12 others approved or pending. In addition, Nanocor has licensed technology from Toyota Central Research and Development, Inc., an early innovator in nanocomposite technology. Nanocor's production facility, located in Aberdeen, Miss., opened earlier this year.
Nanocor's parent company, Minerals Technologies Inc. Corp., is a specialty chemical and mineral company that produces and markets primarily liquid-absorbing products for a wide range of industrial and consumer-related applications. MTI's common stock is traded on the New York Stock Exchange under the symbol ACO.