KINGSBURY LAUNCHES MAGNETIC BEARINGS DIVISION IN ALLIANCE WITH FRENCH COMPANY, S2M

PHILADELPHIA, PA, March 5, 2003 - Kingsbury, Inc. announced today the creation of its Magnetic Bearings Division. The new division was formed through a strategic alliance with the French company The Société de Mécanique Magnétique (S2M) to better serve North and South American turbomachinery markets with magnetic bearings and high-speed motor/generator products. "We see tremendous growth potential for the use of magnetic bearings and related products," stated Woods Brown, president of Kingsbury. "This agreement allows us to enter an emerging segment of the bearing market knowing that we have proven technology from S2M in our back pocket." S2M is recognized worldwide as the preeminent manufacturer of active magnetic bearings. With the alliance, S2M transfers their exclusive bearing and motor technology rights to Kingsbury for all turbomachinery applications in the oil and gas market as well as the industrial gases and power generation industries. "Kingsbury is an ideal partner to enhance S2M's visibility in these important markets," commented S2M president and CEO, Maurice Brunet. "They bring a long-held reputation for quality and innovation." In addition to handling all requests for quotation and subsequent orders for North and South America, Kingsbury will now support customers previously serviced by S2M America. Commissioning and servicing are now the responsibility of Kingsbury's Magnetic Bearings Division. Mike Brawley has been tapped as division manager for magnetic products. He was previously sales manager for the U.S. and Canada for Kingsbury's Fluid Film Bearings Division. Chet Farabaugh, who was the national marketing manager for S2M America, joins the division as director of sales. With over 100 employees, S2M has headquarters in Saint Marcel, France as well as an office in Yokohama, Japan. Since 1976, the French company has recorded over 60,000 installations of magnetic bearings and high-speed motors/generators across the globe, including over 500 turbomachinery applications. Headquartered in Philadelphia, Kingsbury designs and manufactures a wide variety of standard and custom thrust and journal bearings for rotating equipment applications, including gas and steam turbines, compressors, gearboxes, pumps, air preheaters and ship propulsion systems. They operate three plants in the United States and provide bearings to a global customer base both directly and through a network of international agents and representatives. Kingsbury supplied the first tilting-pad, fluid-film bearings, for hydroelectric applications, in 1912. Today, the company maintains its position as the industry leader through continuing research and development, engineering integrity, and world-class customer service. Back to the top