Lincolnwood, Illinois -- Modern Silicones Technologies Inc. has acquired US-based Southland Technologies Inc. to bolster its offerings within its core automotive aftermarket segment.
The transaction, which was officially completed Feb. 4, gives MSi access to Southland's manufacturing and technical resources to make heat-cured rubber components, including Southland's 90,000 sq.-ft. (8360 m2)-plant in Virginia Beach, Virginia, and 30 heat-cured injection presses.
Financial details on the acquisition were not disclosed.
MSi, which was founded in 1994, will continue to operate the Virginia Beach facility and complement its 5600 m2. Clearwater, Florida, site, which specialises in liquid silicone rubber and plastic moulding capabilities, said Alex Grunfeld, the company's vice president, finance and aftermarket automotive sealing.
Continued vertical integration has been-and will continue to be-a key to MSi's long-term growth and success, Grunfeld said. The addition of moulding heat-cured rubber applications will allow the company to "provide value and security" to its customer base and employees now and in the future, he said.
For Southland, founded in 1940 as Southland Cork, the deal provides access to MSi's engineering and injection mould fabrication resources, including its "no cost tooling" option on qualified programs to assist with ongoing product line development, MSi said.
From Rubber & Plastics News (A Crain publication)