02 April 2001
02 April 2001
Owens Corning and TieTek, Inc., a wholly owned subsidiary of North American Technologies Group, Inc. intend to jointly market TieTek technology, railroad crossties and other composite lumber products for the Indian market. "We believe the TieTek composite technology has significant potential for railroad ties and other markets in India," said Peter Garforth, Vice President of Strategy and Business Development for Owens Corning. In addition, ISCO Track Sleepers, Ltd., a member of the Patil Group of Industries in India and TieTek announced today an agreement to introduce the TieTek crosstie in India. TieTek manufactures the TieTek composite railroad crosstie based on a patented, proprietary technology using recycled raw materials. Its manufacturing facility in Houston, Texas is in continuous production and thousands of ties have been shipped to customers in the US and abroad.
ISCO, the largest manufacturer of concrete crossties in India with over 35% of the market, will work with TieTek on an exclusive basis to obtain government approval of the TieTek crosstie in India and subsequently build a manufacturing plant under license. "These agreements are an important step in our long term strategy to build the international market for the TieTek crosstie and other applications of our technology," said Henry W. Sullivan, the President and CEO of NATK. "We are pleased to work with ISCO, an established supplier to the Indian railroad system and Owens Corning, a recognized leader in composites technology and a supplier of raw materials for composite lumber products worldwide. We are confident that we have the right partners for the Indian market."