PMT Group Breaks Ground on Euclid Facilities Expansion
On August 18th, 2022 Euclid’s PMT Group ceremonially broke ground on a 5,000 sq ft expansion of their existing specialty metals production and fabrication facilities on Rockwell Drive. This new expansion adds space to PMT Group’s subsidiary company Terves’ dissolvable magnesium extrusion facility, and construction is scheduled to be fully completed by the end of 2022.
According to an official press release from Terves, they are the only fully integrated wrought magnesium producer in North America and will be furthering their leadership in this space by installing a Vertical Direct Chill Casting system for magnesium alloy billets - the first such system to be installed in North America in this century. This new system will allow Terves to break into a new “lightweighting” market supplying lightweight magnesium extrusions and castings to industries like automotive, aerospace, and defense. “Magnesium is the lightest structural material,” said Terves Vice President of Corporate Development Anupam Ghildyal in their press release, “and implementing sustainable lightweight materials and addressing design concepts in a circular economy is one of the most important issues facing OEMs today.”
Future plans for PMT Groups Euclid facilities include 24,000sqft of new construction to house expanded magnetic materials and lightweight sheet and foil production. The new construction will support work being done by PMT subsidiary Magnet Energy, which is currently the only US-based magnetic material producer. Work on this new construction portion of the expansion project is scheduled to take place in 2023, bringing the total cost of the expansion over 8 million dollars.
“Now is our time,” beamed PMT Group owner, founder and CEO Andy Sherman at the Terves expansion groundbreaking ceremony. “We started with 5 people in this small building behind me, and we’ll be over 100,000 square feet and over 100 employees by the end of 2023.”
“Andy Sherman and his team first moved to Euclid as a result of the “Euclid Means Business” initiative in 2003,” said Euclid Mayor Kirsten Holzheimer Gail, “and since then they have continued to invest and grow through innovation and the development of new materials and technologies. The City of Euclid congratulates PMT Group on their latest groundbreaking and looks forward to continued growth and success!”
More information about PMT Group and their subsidiary companies can be found by visiting their website at www.tervesinc.com. PMT Group is also hiring! See the Careers section of their website, or email info@tervesinc.com for more information.
