Houghton International recently sold its ferrous wiredrawing lubricants division to North American Lubricants and Chemicals Inc., a small start-up formed earlier this year. The companies did not disclose terms of the transaction, which included a plant in Lyon, Mississippi.
North American was serving as a Houghton distributor before the sale, which was completed during the summer, and learned that the industrial lube company was looking to sell its ferrous wiredrawing division.
Evidently they had been trying to sell it for a couple years, North American President John King said. They just decided it didnt fit with what they wanted to focus on. Officials at Houghton, which is based in Valley Forge, Pa., could not be reached for comment.
North American picked up nine employees in the purchase and has since hired two salesmen. King said his company plans to expand the operations product line.