With its innovative, patented line of products and a targeted, future-focused strategy, Life Wear Technologies LLC is – and has been – on a rapid track of expansion.
The North Kingstown manufacturer of the patented CryoMAX cold pack more than doubled its sales in 2015, and is projecting that same level of growth in 2016.
Its steady, significant gains are the result of a twofold process: strategic acquisitions and the constant evolution of new and existing products.
“We are aggressively acquiring companies in the first-aid and sports-medicine space,” said President and Chief Operating Officer Al Greer. “We’re going to continue to keep inventing and introducing new products to the marketplace.”
Founded in 1974 and based in Pompano Beach, Fla., Life Wear Technologies was one of the early manufacturers of sports-medicine products. In 2015, the company was acquired by North Kingstown-based Modular Thermal Technologies – which developed the revolutionary cold pack CryoMAX – and the combined companies today operate as Life Wear Technologies.
With 20 of its roughly 75 employees based in Rhode Island, the company is most renowned for CryoMAX, a cold pack that lasts up to eight hours – significantly longer than any other available on the market. According to The Nielsen Co., it is the No. 1-selling cold pack in the country.
“For a little manufacturer out of North Kingstown, that’s pretty good,” said Greer.
Life Wear Technologies recently enhanced that brand with the release of CryoMAX Shoulder, which it developed with Woonsocket-headquartered CVS Health. Over the past year, it has also developed and introduced other innovative products, including ArcticMAX and ThermalMax.
The former, which makes use of the company’s excess product through the manufacture of CryoMAX – and thus reduces overall waste – is for use in high-end coolers, allowing food to stay fresh or frozen for more than 100 hours, according to CEO Bradley Waugh.
The latter, meanwhile, is the company’s complement to its revolutionary, long-lasting cold pack technology. As Waugh explained, ThermalMax heat packs can last up to two hours – compared to the market standard of 30 minutes.
The packs, which are designed with channels that transfer heat throughout, displacing energy from overheating areas to areas that are still cool, are placed in the microwave until they reach the desired therapeutic temperature of between 110-160 degrees.
“When it comes out after two and a half minutes, you have a universally heated hot pack,” said Waugh. “It’s a very innovative technology.”
Pointing out that Life Wear Technologies holds 91 percent of the market share for ice packs, he emphasized, “We’re leaders in cold packs today. We hope to dominate the hot-pack industry as well.”
In addition, the company manufactures both branded and private-label neoprene supports, slings, elastic braces, tapes, bandages and wraps, as well as ergonomic and orthopedic items. It plans to supplement sports-medicine goods with a major product launch in June (the precise details on the items are confidential), according to Greer, and expects to continuously grow new lines and products, including ice packs intended to alleviate migraines.
To that end, the company has made significant investments in its plant at Quonset Business Park, most notably upgrading its manufacturing equipment. It has also dedicated itself to lean manufacturing and green business practices, recycling between 85-90 percent of its waste stream, and cutting its electrical usage by more than 20,000 kilowatt hours by installing LED lighting and motion-controlled lights throughout its facility. That effort has ultimately reduced its emitted greenhouse gases by 21,987 pounds.
Looking ahead, the company is dedicated to building on and expanding its strong base of quality products, innovative practices and high-tech infrastructure, gaining further momentum not only in the state but throughout the country, as demand continues to grow for sports and medicine products.
“We’ve had a great year,” said Waugh. “We’re honored to be part of a continued manufacturing renaissance that’s going on in Rhode Island.” •