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Rail News: Maintenance Of Way

North American Technologies finances debt, shuffles senior staff to prompt composite tie production

On Feb. 6, North American Technologies Group Inc. (NATK) announced it completed $14 million in debt financing to accelerate the start-up of two composite-tie production lines in Marshall, Texas, for subsidiary TieTek L.L.C.

Production on the first line is scheduled to start around April 1; the second line would launch 60 days later. The lines are expected to reach full production 90 days after start up.

Meanwhile, NATK realigned its management staff to place more emphasis on TieTek, the company's only operating subsidiary, according to a prepared statement.

TieTek President Henry Sullivan was named TieTek chairman (he will continue to serve as president); Chief Financial Officer Kevin Maddox was appointed NATK chief executive officer; and John Bingham, who previously served as CFO before leaving the company, has rejoined the firm as NATK acting CFO.

"We intend to aggressively expand manufacturing, and extend our product and production technology with continuing research and development, an aggressive patent program and strategic acquisitions," said Sullivan.

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More News from 2/9/2004