Ceradyne Buys Patent

Costa Mesa-based Ceradyne said today that it has acquired certain patents and intellectual property from an unnamed Rhode Island firm, in a deal worth $4M. The patents and IP cover ceramic bearing technology for "down hole" oil drilling. According to Ceradyne, the IP will be used to bring a silicon carbide-based bearing for oil drilling to market. The deal also includes a royalty worth 3% of net sales on the bearings over the life of the patents. Ceradyne is a developer of ceramic products used for the defense, industrial, automotive, and other applications.