4/7/2009
NEWS BRIEFS
TZ Limited Cuts Exec Pay

Intelligent fastener maker TZ Ltd. announced its top executives, including CEO Chris Kelliher, would forego 20% of their salaries during the economic slump, the Australian Financial Review reports.

The move is expected to save TZ around $530,000 a year.

Headquartered in Chicago, TZ invented the Intevia Intelligent Fastening Technology, which features embedded microchips controlled by radio frequency signals for remote-controlled applications through the use of shape-memory alloys and polymers.

TZ has created IP and proprietary knowledge around the field of intelligent fastening with over 100 engineers and scientists capable of leveraging the technology into industry.

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• TZ Limited