AspenTech's Polymer Business Goes from Strength to Strength
CAMBRIDGE, Mass., Oct 14, 2004 (BUSINESS WIRE) -- Aspen Technology, Inc. (Nasdaq: AZPN) today announced significant growth in its polymer production control business after a period of sustained investment in this emerging market. Following the successful introduction of an innovative range of new products, AspenTech is establishing itself as a leader in the field of polymer advanced control with one of the fastest growing market shares in this sector. In the past 18 months, AspenTech has signed 10 major polymer production control agreements covering 13 lines of polymer with customers including SABIC, Sinopec, PETROKEMYA and Thai Polyethylene.
"Many of AspenTech's polymer professionals have spent over 25 years working within the polymer industry and have a deep understanding of our customers' needs and expectations," said Steve Pringle, Senior Vice President of AspenTech. "Our recent polymer production control projects are delivering significant improvements in plant operating performance, with results in the range of 2--10 percent capacity increase, 25--50 percent reduction in transition off-specification material, and 50--100 percent reduction in steady-state off-specification material. In addition, our customers are also experiencing reduced lab testing costs, reduced maintenance costs, and better start-up reliability."
The aspenONE for Advanced Process Control module is tailored to the special needs of the polymers industry through the application of the Aspen Apollo(TM) non-linear controller. Aspen Apollo was invented by a key group of AspenTech developers and polymer experts, and the continuing synergy between the original inventors of the technology and the implementation teams is one of the key factors in the widespread adoption and ongoing success of the solution. The controller is based on technology that combines process operational knowledge with grade transition data in order to produce highly accurate non-linear dynamic models. These models provide the speed and efficiency of an empirical model but with the accuracy and reliability of a rigorous modeling approach.
"The current success of our polymer production control business represents some of the first returns we have seen as a result of our substantial investment in new products over the past two years," said David McQuillin, President and CEO of AspenTech. "The successful introduction of these products combined with our expansion into emerging markets such as the Middle East and Asia, will be important success factors for our company this year."
AspenTech's polymer production control business has gained the most traction in the Asia Pacific region, a fast-expanding market which is seeing ongoing investment in production facilities. Customers in this region have selected AspenTech for its combination of state-of-the-art technologies, world-class implementation teams, and deep understanding of the polymer business.
Aspen Technology, Inc. provides industry-leading software and implementation services that enable process companies to use simulation models to increase efficiency and profitability. aspenONE, a new generation of software solutions from AspenTech, represents a major step forward in helping process manufacturers achieve their strategic operational excellence initiatives. The first comprehensive offering to address the demands of the Enterprise Operations Management (EOM) market, aspenONE provides companies with integrated systems that enable them to manage and optimize their operational performance. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com.
Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, particularly the first paragraph. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's ability to make its revenue goals; AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in cyclical industries; adverse global economic conditions; AspenTech's ability to raise additional capital as required; the FTC's investigation of the Hyprotech acquisition; the outcome of AspenTech's restructuring plans; intense competition; AspenTech's need to develop and market products successfully; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.
AspenTech, aspenONE, Aspen Apollo and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
Aspen Technology, Inc.
Robin Swanger, 281-504-3256
Joshua Young, 617-949-1274