LINCOLNWOOD, Ill. (Feb. 8, 2008) — Modern Silicones Technologies Inc. has acquired 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.-plant in Virginia Beach, Va., and 30 heat-cured injection presses.
Financial details on the acquisition were undisclosed.
MSi, which was founded in 1994, will continue to operate the Virginia Beach facility and complement its 60,000 sq.-ft. Clearwater, Fla., site, which specializes in liquid silicone rubber and plastic molding 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 molding 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 mold fabrication resources, including its "no cost tooling" option on qualified programs to assist with ongoing product line development, MSi said.