Summa Industries to Sell Morehouse Unit
Summa Industries Inc. has signed an agreement to sell its Morehouse-Cowles Inc. unit to a private investment group for an undisclosed amount of cash and notes.
Morehouse designs, manufactures, installs and services high-viscosity mixing and milling machinery. The unit represents about 40% of Summa’s revenue but has not been profitable in recent periods, a spokesman said.
Summa said it doesn’t expect the transaction to result in a gain or loss. The company expects to complete the transaction within 60 days.
Summa said the buyer will continue to operate the business at its plant here, which is owned by Summa, under a 10-year lease.