COLUMBIANA New Lisbon company purchases National Heat
National Heat has gone from a start-up company to one with a client base of Fortune 500 companies.
The VINDICATOR, YOUNGSTOWN
COLUMBIANA -- A local company that does work at power plants all over the country has been sold.
National Heat Exchange Corp., which is based here and employs 19, was bought by D & amp;J Inc. of Lisbon, a new company created by Carroll Joseph and Tim Dickey. Joseph is president of National Heat.
Torent, a venture capital company based in Canfield, created National Heat in 1996 after it acquired a patent for building a machine used in the cleaning of heat exchange tube bundles. These tubes are part of a process that cools oil or gas that is used in power plants.
In the past six years, National Heat has grown from a start-up company to a national company which has a client base of mostly Fortune 500 companies.
It has several mobile cleaning units that travel throughout the country. Companies also ship heat exchange tube bundles to its plant in Columbiana for cleaning.
Torent said there will be no loss of jobs from the sale, and Joseph will continue to oversee operations.
Torent was formed by David Tod and Daniel Roth in 1971. It is the largest shareholder in McDonald Steel Corp. and is the sole owner of Morrison Metalweld Process Corp., Torent Oil & amp; Gas Co. and Vaughn Industrial Car & amp; Equipment Corp.