TieTek LLC, a manufacturer of composite railroad ties,recently filed for Chapter 11 bankruptcy protection. The company’s assets are for sale and the deadline for bids is 5:00 CDT on Friday, April 16, 2010, according to Robert Fowler, president of VR Mergers & Acquisitions, whichis handling the bankruptcy sale.
VR is the Bankruptcy Court-approved broker for TieTek, LLCand its parent companies, TieTek Technologies, Inc., and North American Technologies Group, Inc. TieTek, LLC is based in Marshall, Tex., and has manufactured and sold more than 1,000,000 composite railroad ties made from recycled materials including plastics and rubber from discarded tires. The company’s 2008 revenues topped $32 million in 2008. Some of its customers have been BNSF, Chicago Transit Authority, CSX, Long Island Rail Road, Norfolk Southern, and Union Pacific. It also has sold its railroad composite ties in the United States, Australia, Bangladesh, Brazil, Canada, India, and Japan.
VR points out that TieTek and North American Technologies Group jointly own a complete set of patents that cover the formulas and processes for making composite railroad ties. In 2008, the Society of Plastic Engineers awarded TieTek its 2008 Achievement Award for “Sustainabilityand Recycling for a Greener Environment.”