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Summa Industries to Sell Morehouse Unit

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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.

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Summa said the buyer will continue to operate the business at its plant here, which is owned by Summa, under a 10-year lease.

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