Equipment Report

Innov-X Systems Inc., the Woburn, Mass.-based manufacturer of elemental analyzers, has announced that it has received a $27 million minority investment from Summit Partners, Boston.

Summit Partners is a private equity and venture capital firm that has raised nearly $9 billion in capital since its inception in 1984.

Founded in 2001, Innov-X develops portable X-ray fluorescence (XRF) technology for elemental analysis. Innov-X is a privately held company with offices in North America, Europe and Asia.

Recently, Innov-X formed a joint venture and signed an exclusive supply agreement with Denmark-based A.P. Moller-Maersk to outfit the maritime, oil and gas exploration and distribution and power industries with XRF and blending systems for optimal use and monitoring of fuels and lubricants.

"Innov-X’s mission from the start has been to discover new ways to apply XRF technology," Don Sackett, president of Innov-X, says. "Our applied innovative thinking has allowed the company to become a leader in our industry." He adds, "By working together with Summit Partners, we are poised to further accelerate our development of new products and proprietary technology, expand our global presence and exceed our customers’ expectation for quality."

John Carroll, Summit Partners general partner, and Tom Roberts, Summit Partners managing partner, join the Innov-X board of directors.

"Innov-X has the right blend of research, unique technology, and global reach to continue its robust growth," Carroll says.

Additional information on Innov-X Systems’ products is available online at www.innov-x-sys.com.

 HARRIS INSTALLS SHEAR AT N.C. SCRAP YARD

Morris Scrap Metal, King’s Mountain, N.C., has recently installed a new GS 7 baler/logger/shear made by Harris Waste Management Group Inc., Peachtree City, Ga.

In business since 1931, Morris outgrew its previous Mosley shear and evaluated several pieces of equipment before purchasing another Harris machine, according to Neil Morris, vice president of the company.

"We are a family business and need equipment that can stand up to the demands of a fast-paced scrap yard," says Morris. "The GS 7’s performance has met all of our expectations and then some."

The Harris GS 7 baler/logger/shear deployed by Morris Scrap Metal features a baling chamber and resulting bale size engineered to meet the specifications of electric arc furnace (EAF) steel mill melt shops.

"The GS 7 B/L/S is smaller than some of our other baler/shears," says Doug Sebastian, vice president with Harris. "They’re compact, but it’s a Harris in every sense of the word."

Harris Waste Management Group Inc. designs, manufactures and supports scrap processing, recycling and waste handling equipment. More information on the company and its products can be found online at
www.harriswaste.com.