Industrial Nanotech signs deal, sees signs of rebound

March 12, 2009: A Naples, Fla.-based nanotech coatings company that has signed a contract with a textile manufacturer with a facility in Bursa, Turkey, sees the deal as an indication the manufacturing sector is beginning to rebound — at least, in the region of Turkey.

Industrial Nanotech Inc. has signed a contract with Coats Plc, a UK-based textile manufacturer, to coat the machinery in its yarn dyehouse facility located in Bursa with the company’s nanotechnology based thermal insulation and corrosion resistant products, Nansulate EPX and Nansulate High Heat industrial coating.

“This is a very important economic indicator for us,” Francesca Crolley, Industrial Nanotech’s vice president of operations and marketing, said in a news release. “Although we were able to maintain our five year track record of triple digit revenue growth in 2008 despite the state of the world economy, our projects in Turkey, including a sale of over $1,000,000 US of our products to another textile plant in Turkey, had been put on hold as the credit crisis accelerated.

“The start of this second project, which has been planned since 2008, is a good indicator that manufacturing levels are beginning to turn back towards normal, at least in this region, and we anticipate additional progress on other projects in Turkey throughout 2009.”

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