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INTERMAGNETICS GENERAL ANNOUNCES $10.5 MILLION STATE-ASSISTED EXPANSION

 INTERMAGNETICS GENERAL ANNOUNCES $10.5 MILLION
 STATE-ASSISTED EXPANSION
 WATERBURY, Conn., May 21 /PRNewswire/ -- Gov. Lowell P. Weicker Jr., and Carl H. Rosner, president and chief executive officer, Intermagnetics General Corporation (NASDAQ: INMA) announced at a press conference, here, today that the Connecticut Development Authority (CDA) will assist IGC Advanced Superconductors, Inc., a wholly owned subsidiary of Intermagnetics General Corporation, in a planned $10.5 million facility expansion in Waterbury's Enterprise Zone.
 The CDA assistance will include direct loans up to $2.1 million at 5.5 percent over 15 years, partial guarantees relating to $6 million in additional bank financing and assistance in training new workers from the Department of Labor.
 The company already has invested $2.5 million directly in the project. In addition, other recent capital expenditures of more than $2 million have also been made. The facility expansion project is expected to accommodate approximately 240 new jobs during the next five years.
 IGC Advanced Superconductors has operated a manufacturing facility in Waterbury for over 10 years, and is the principal U.S. supplier of superconducting wire, used primarily in magnets for Magnetic Resonance Imaging (MRI) medical diagnostic systems. Bruce Zeitlin, vice president, stated that the expansion should position Intermagnetics General Corporation to be able to supply a significant portion of the estimated $450 million of wire and cable required for the Superconducting Collider (SSC), an $8 billion high energy subatomic particle accelerator being built by the U.S. Department of Energy in Waxahachie, Texas.
 Thomas O. Bush, division head - Magnet Systems, Superconducting Super Collider Laboratory in Texas, in explaining the widespread benefits of the project, pointed out that "Civilization advances as technology advances."
 Gov. Weicker said, "When you look at all the benefits -- to the employees and the economy in Connecticut and especially in Waterbury -- it is clear that the Connecticut Development Authority and the Department of Economic Development are doing important work upon which our state's future will be built.
 "I am extremely pleased to be able to join with Carl Rosner and IGC Advanced Superconductors in making an announcement that keeps Connecticut on the cutting edge of technology and promises a bright future for all involved," Weicker added.
 The loan will be used to renovate and equip unoccupied factory space adjoining the existing facility. Intermagnetics General will add approximately 100,000 square feet of manufacturing space to its 60,000-square-foot plant and will equip it with state-of-the-art wire drawing, electron beam welding and other equipment.
 Rosner said, "We are very pleased with this recognition of our growing presence in Waterbury, and grateful to the state of Connecticut for its confidence in the future of IGC Advanced Superconductors. The expanded facility will position Waterbury, long known as 'Brass Valley,' into the forefront of superconductor technology." He concluded that this core technology will become increasingly important throughout the remainder of this century and beyond in supporting not only the needs of the SSC project, but also as a major contributor to the growing fields of medical diagnostics (MRI), superconductive magnetic energy storage (SMES), and high speed magnetic levitation (MagLev) transportation systems.
 Intermagnetics General, as a leading manufacturer of superconducting magnets, wire and associated ultra-low temperature refrigeration equipment, the combination of which is especially useful in medical diagnostic imaging (MRI) systems, is dedicated to the development and commercialization of applied superconducting systems. The company also produces permanent magnet systems and materials-separation devices.
 -0- 5/21/92
 /CONTACT: Carl H. Rosner, president of Intermagnetics General, 518-456-5456/
 (INMA) CO: Intermagnetics General Corporation ST: Connecticut IN: SU:


TQ-SH -- NY077 -- 2981 05/21/92 15:21 EDT
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Publication:PR Newswire
Date:May 21, 1992
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