Additive maker Functional Products Inc. announced last week that it has been purchased by Netmed Inc., a holding company new to the lubricants industry.
Functional Products President Fred Litt said Netmed – a Columbus, Ohio, holding company – was able to acquire the company because Functional Products co-founder Dick Immerman was ready to sell his stake.
Basically Netmed bought out Dick and partly bought out me, Litt said. They made the acquisition for investment purposes, and theyre taking great pains not to disrupt the way we do business.
Litt retains his position as president, while Netmed president Trevor Ferger has been named chairman. Although Netmed is a publicly held company, it recently delisted and therefore was not required to disclose terms of the deal, Litt said. He added that Netmed had previously invested in start-ups that no longer exist.
Formed in 1985 and based in Macedonia, Ohio, Functional Products manufactures viscosity improvers and industrial lubricant additives that it markets in North America, Asia and Europe.