MISSISSAUGA, Ontario (May 27)—Silicone and polyurethane foam processor Magnifoam Technology International Inc. is changing its name to MTI Global Inc. as part of a corporate strategy to leverage brand equity across the firm´s three business platforms.
Magnifoam, which designs develops and manufactures custom-engineered products from a variety of flexible, cellular materials, will start trading under the name on May 27. Shareholders approved the change a meeting May 11. The firm´s stock will continue to trade under the MTI symbol.
The firm also recently renamed its operating units: MTI PolyFab Inc. (formerly Magnifoam Technology Inc.), the North American Silicone group, and MTI Leewood GmbH (previously Leewood Elastomer GmbH) in Germany.
MTI PolyFab includes the aerospace and fabricated products operations in Canada. N.A. Silicone includes MTI Specialty Silicones Inc. (previously Magnifoam Delaware Inc.) in Richmond, Va., and MTI Groendyk Inc. in Buchanan, Va.
The company reports annual sales of $36 million.