MISSISSAUGA, Ontario, (April 18)—Magnifoam Technology International Inc. expects by the end of the month to complete its acquisition of the remaining 29-percent interest in Leewood Elastomer GmbH, a German silicone manufacturer, for nearly $1.5 million. Magnifoam is funding the deal through $388,000 in cash and the issuance over the next three years of 695,000 common shares valued at $1.1 million. Magnifoam, a producer of silicone seating foam for railcars, has significant business in the North American market, and is hoping to tap the expanding transit-refurbishing market in Europe through the acquisition. Magnifoam's material already is in use in the London subway system but the company said it hopes to supply foam for upgrades expected from mass transit authorities in Great Britain and continental Europe.
Magnifoam to purchase remaining interest in silicone manufacturer
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