Terves Inc. is expanding its magnesium foundry in Euclid.
The expansion will allow the company to grow its "metal processing, heat treatment, machining, and storage capabilities," according to a news release. Terves makes dissolvable tooling for the oil and gas industry, as well as magnesium alloys used in lightweighting.
The release said the expansion will include mold and materials handling and storage space and more "build-to-print component CNC machining services," as well as the "addition of sand casting, squeeze casting, and diecasting capabilities for custom magnesium and magnesium alloys and composites." The new capabilities will allow Terves to serve the aerospace and defense markets.
In the release, CEO Andrew Sherman said the company was seeing "major adoption and growth trajectory for oilfield tools made from dissolvable magnesium materials."
"Terves is investing in a further doubling of production capacity for cast and wrought magnesium products, and the expansion frees up space in existing facilities for initial production of new Engineered Response products, including revolutionary expandable structural materials and gas-generating reactive materials," Sherman said in the release.
The ground-breaking took place on July 27. The expansion will add about 12,000 square feet to the foundry. Anupam Ghildyal, vice president of corporate development, said the existing facility is about 10,000 to 15,000 square feet. Currently, Terves has about 40 employees, and Ghildyal said he expects this expansion to help grow that.
Ghildyal did not share the cost of the expansion. He said he expected it to be complete within six months.
Source: www.crainscleveland.com
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