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Rail News: Maintenance Of Way

North American Technologies secures financing, installs Kaufman in top post to succeed Sullivan

Yesterday, North American Technologies Group Inc. (NATK) announced it obtained $6.5 million in financing, a portion of which will fund production line upgrades to TieTek L.L.C.’s Marshall, Texas, plant. The subsidiary produces TieTek™ composite ties from recycled plastics, tires and other raw materials.

NATK also announced it appointed Neal Kaufman president and chief executive officer to succeed Henry Sullivan, who resigned from the top post but will continue to serve as chief strategist/scientist and company director. Previously TieTek’s president, Sullivan was named president and CEO in February after the majority of NATK’s stock switched hands.

During the past year, Kaufman had been acting as a consultant to NATK. He previously served as vice president of product management for 3Com Corp. and held various positions at McKinsey & Co.

Finally, NATK announced its board elected Scott Kaufman as a director to succeed Robert Hoyt, who resigned.

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More News from 1/6/2006