State and Northwest Arkansas leaders earlier today celebrated the opening of the NanoMech global headquarters in Springdale at an event attended by more than 100 people.
Grant Tennille, the director of the Arkansas Economic Development Commission, announced at the event that the state plans to provide a additional $600,000 grant to NanoMech, saying that providing the money to company founder and chief technology officer Ajay Malshe is a low-risk, high-reward investment that’s received strong support from Arkansas Gov. Mike Beebe.
“NanoMech is an Arkansas economic development success story,” Beebe said. “Four years ago, I cut the ribbon on what was mostly an empty building filled with promise. Today, the promise has been fulfilled and NanoMech has grown to be a leader worldwide in material science with incredible nanoscale innovations.”
The company, which was founded in 2002, began its $10 million expansion project in March, and added 29,000 square feet to an existing building.
“Nanotechnology and nanomanufacturing are revolutionizing the process in which products are made,” said NanoMech Chairman and CEO Jim Phillips. “The world runs on machines and machines run on lubricants. Now, may of the world’s machines will depend on NanoMech’s inventions and national, award-winning products. Machines also have to be precision cut, and NanoMech nanoengineers the best wear-resistant coatings and cutting tools in the world.”
Other Speakers at today's event also included Springdale Mayor Doug Sprouse; John Bartos, vice president of development and technology of Cameron International Corporation; Reuben Sarkar, deputy assistant secretary of transportation for the U.S. Department of Energy; and Deborah Wince Smith, CEO of the Council on Competitiveness.