MISSISSAUGA, Ontario (May 4, 2009)—MTI Global Inc. has completed the sale of the majority of MTI Leewood's assets and the N.A. Silicone Richmond , Va., plant to Roger Corp. for $7.4 million.
The company said it used proceeds from the deal to reduce its debt obligations.
MTI Global announced the sale to Rogers on March 24. Rogers acquired lines, technology and manufacturing equipment at MTI's Richmond, Va., and Bremen, Germany, facilities. Sales associated with the assets it is purchasing reached about $21 million in 2008, according to Rogers.
The transaction—which includes the 50-employee Richmond plant—to close sometime in the second quarter.