IHI Selling Orbitform, American Rivet, Ideal and Landreth
John Wolz
Industrial Holdings Inc. is offering its engineered products group
The group manufactures fasteners and specialty metal components for OEMs in home furnishings, automotive and electrical components industries.
IHI of Houston has retained Richard Hagan of New York-based Pinnacle Capital Corporation to review offers.\
The subsidiaries for sale are Jackson, MI-based Orbitform, which manufactures orbital and impact fastener setting equipment and automated assembly systems; American Rivet of Chicago, which manufactures cold headed fasteners; Ideal Products of Beacon Falls, CT, which manufactures cold headed pin and wire products; and Landreth Products of Houston, which designs and produces rivets and other fasteners.
CEO Robert Cone said IHI would “presumably retain an equity positions” in a divestiture and the remaining business would “be an energy services company.
“We now manufacture and refurbish valves and control systems for major drilling contractors and supply pumping and rotating equipment and services in the oil and gas markets,” Cone noted. “Our involvement in both the upstream and downstream energy markets should increase substantially.”
There are no comments at the moment, do you want to add one?
Write a comment